Greencoat adds 87.6 MW of wind to Irish portfolio

Wind turbines in Ireland. Photo by: Greencoat Renewables (www.greencoat-capital.com).

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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