Greencoat adds 87.6 MW of wind to Irish portfolio

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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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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