Irish investor Greencoat Renewables has entered the continental European market with a deal to acquire a 52MW operational portfolio of onshore wind from John Laing Group for €30.3m.
The Dublin-based company said the three projects come with 16-year long term fixed rate project finance and have an overall net enterprise value of €95m.
The deal includes the 20MW Passilly project in the Burgundy region, 21.6MW Sommette in Picardy and 10.3MW St Martin in Saint-Martin-L’Ars. The wind farms were commissioned between 2016 and 2018.
Greencoat said the assets will benefit from France’s tariff regime which guarantees a fixed price for the electricity produced by the asset.
Approval for the deal is required from French regulators. The investor has so far only bought operational Irish projects.
Bertrand Gautier, investment manager, said: “Consistent with our long-term strategy, we are pleased to be making our first investment into the French wind market.
“The acquisition will bring gearing to 43%, which is towards the lower end of our target range and will provide flexibility to pursue further opportunities as they arise. We are also pleased to have partnered with John Laing, again demonstrating our ability to transact with leading investors and developers across the sector.”