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Wind turbines in Ireland. Photo by: Greencoat Renewables (www.greencoat-capital.com).
December 27 (Renewables Now) - Irish wind investor Greencoat Renewables Plc (LON:GRP) has acquired stakes in three wind farms in Ireland with a combined capacity of 207 MW from domestic forestry company Coillte.
Greencoat on Friday announced the completion of the purchase of the stakes, for which it paid EUR 115.3 million (USD 131.5m). The net generating capacity that was acquired by Greencoat amounts to 87.6 MW, bringing the renewable energy investors’ total capacity to 383.8 MW.
The following table contains more details on the assets and their shareholders.
| Wind farm | Capacity | Greencoat stake | Remaining shareholder(s) | Turbines |
| Raheenleagh | 35.2 MW | 50% | ESB | 11 by Siemens |
| Cloosh Valley | 108 MW | 50% | SSE Renewables | 36 by Siemens |
| Sliabh Bawn | 64 MW | 25% | Bord Na Mona (37.5%), Coillte (37.5%) | 20 by Siemens |
The acquired portfolio includes long-term fixed rate project finance. Its overall net enterprise value stands at EUR 247 million.
The agreement with Greencoat allows Coillte to recycle capital and continue work on its wind project pipeline in Ireland. That agreement previously included also a stake in the 17.5-MW Castlepook wind farm in Ireland, but Irish energy company ESB has decided to exercise its pre-emption right to buy Coillte's 50% in the asset.
(EUR 1.0 = USD 1.140)
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