Encavis fund acquires 23.6-MW Irish wind farm from ABO

Source: ABO Wind

February 9 (Renewables Now) - The asset management subsidiary of German solar and wind farm operator Encavis AG (ETR:ECV) today said it has acquired a 23.6-MW wind farm in Ireland from the local unit of compatriot ABO Wind AG (ETR:AB9).

The power plant was purchased on behalf of Encavis Asset Management’s new alternative investment fund EIF IV. The value of the transaction was not disclosed.

The asset in question is located in County Donegal and consists of seven turbines, three of which have been generating electricity since 2019. Three more machines will be brought online during the first quarter to add to the 10.8 MW in operation. The last turbine at the site is planned to go live by the middle of 2023.

Once fully commissioned, the seven-turbine wind park will be capable of producing enough electricity for about 24,800 homes.

The deal marks the first acquisition for the EIF IV special fund, which was launched at end-2021 and will seek to raise a total of EUR 500 million (USD 571.1m) to invest in onshore wind and solar power generation plants. The fund is marketed exclusively by Munich-based bank BayernLB.

"The wind farm in Ireland is the first acquisition of a long-term stable portfolio for the newly launched special fund EIF IV," said Karsten Mieth, speaker of the board of Encavis Asset Management.

(EUR 1.0 = USD 1.142)

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