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Greencoat Renewables winds up purchase of wind farm
Irish renewable infrastructure company Greencoat Renewables announced on Friday that it has acquired a 9.2MW wind farm for 22.5m.
The Lisdowney wind farm in County Kilkenny consists of four Enercon E82 turbines and was commissioned in November 2016.
The field's revenues are contracted under the REFIT 2 scheme until 2031, guaranteeing a minimum price-floor for the electricity generated, and Enercon will continue to manage the farm's O&M contract.
Paul O'Donnell, a partner at Greencoat Capital, the company's investment manager, said: "We're very pleased with the acquisition of Lisdowney, a high quality addition to our portfolio. This acquisition is in line with our strategy of acquiring high quality wind farms in the Republic of Ireland."
The acquisition price might vary as it will be subject to an adjustment mechanism which will assess actual energy production over an 18-month period.
"We will continue to work with both international and local developers, providing them with an opportunity to recycle capital into new projects, while enabling us to drive long-term value for our shareholders," said O'Donnell.
The transaction was funded by Greencoat Renewables' 250m credit facility. Following completion of the Lisdowney project and the company's Dromadda More site, Greencoat Renewables total borrowings will be equivalent to 41% of its growth asset value.