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Greencoat Renewables has acquired the 35.6MW Glencarbry wind farm in County Tipperary from John Laing Group.
The deal increases Greencoat Renewables’ total installed generating capacity to 685.6MW.
Glencarbry consists of 12 Nordex turbines that have been operational since 2017.
The wind farm’s revenues are contracted under Ireland’s REFIT 2 scheme which provides a guaranteed minimum floor price for the electricity generated until July 2032.
The operations and maintenance contract will continue to be managed by Nordex.
The Glencarbry purchase is being funded by Greencoat’s existing credit facility.
The acquisition means that the company’s total borrowings will represent 49% of gross asset value, which Greencoats says is in the middle of its target gearing range.
Paul O’Donnell, Greencoat Renewables’ investment manager, said: “We are pleased to continue our strategy of consolidating the Irish renewable energy market with the acquisition of Glencarbry wind farm, another high quality asset with long-term contracted revenues.
“We are also pleased to have closed our second transaction with John Laing, again demonstrating our ability to transact with leading investors and developers across the sector.
“We continue to see a range of attractive opportunities, both in Ireland and the wider European market.”
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