Greencoat closes buy of 38-MW Irish wind farm from Statkraft

Irish renewable infrastructure company Greencoat Renewables Plc (LON:GRP) has wrapped up the acquisition of a 37.8-MW wind farm in Ireland from Norway’s Statkraft AS.

The transaction has lifted the Irish group’s total installed renewable energy capacity of 1,265 MW, it said in a bourse filing on Tuesday.

The Cloghan wind farm in County Offaly was built by Statkraft, which will also continue to provide trading and operational management services. The Norwegian company arranged the project sale in December 2020 under a forward sale model, along with 25.2-MW Taghart wind park in County Cavan, in a transaction worth EUR 123 million (USD 133.6m).

The Cloghan plant has in place a 15-year fixed-price contract through 2037, awarded in Ireland’s first renewable energy auction (RESS1). The plant is equipped with Vestas turbines, which became fully operational in April.

The nine-turbine wind park is expected to generate enough electricity to cover the annual power demand of around 27,000 homes.

"We are pleased to complete the acquisition of this long-term asset and further strengthen Greencoat Renewables' market position in the Irish wind sector, which benefits from strong contracted cash flows and where we continue to see opportunities in onshore wind,” said Paul O'Donnell, investment manager at Greencoat.

(EUR 1.0 = USD 1.086)

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