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Greencoat Renewables scoops up wind farm for 19.3m
Irish renewable infrastructure company Greencoat Renewables has acquired the Tullynamoyle 2 Wind Farm for a consideration of 19.3m, the company said on Tuesday.
The 11.5MW wind farm, situated in County Leitrim, consists of five Enercon E70 turbines and benefits from 15 years of contracted revenues under the REFIT 2 scheme as it was commissioned in February 2018.
As such, the site has a guaranteed minimum floor price for its generated electricity until 2032.
Paul O'Donnell, partner at the company's investment manager Greencoat Capital, said: "This acquisition is in line with our strategy to partner with both local and international developers while creating long term value for our shareholders. Tullynamoyle 2 is a great asset and another acquisition with very long-term contracted revenues, giving us stability and visibility of income out until 2032."
The acquisition was funded through Greencoat Renewables' 250m credit facility, with total borrowings now at 44% of gross asset value.
As of 1432 BST, Greencoat Renewables' shares were down 0.72% at 1.03.