Greencoat Renewables buys 11.5-MW wind farm in Ireland
Wind turbines in Ireland. Photo by: Greencoat Renewables (www.greencoat-capital.com).
Greencoat Renewables Plc (LON:GRP) today said it has acquired the 11.5-MW Tullynamoyle 2 wind farm in County Leitrim, Ireland.
The Irish renewable infrastructure fund purchased the wind park from a local developer for EUR 19.3 million (USD 23.7m). Featuring five Enercon E70 turbines, the facility was commissioned in February this year and benefits from a minimum floor price over 15 years under Ireland's renewable energy feed-in tariff (REFIT) scheme.
The firm funded the acquisition by its EUR-250-million credit facility.
Greencoat Renewables, managed by Greencoat Capital LLP, listed on the Irish and London stock exchanges last July with a 137-MW seed portfolio, raising EUR 270 million. In December 2017, it announced the acquisition of the 36-MW Dromadda More wind farm, and in February this year the purchase of the 9.2-MW Lisdowney wind farm.
The company said that following completion of Tullynamoyle 2 and Dromadda More, its total borrowings will be 44% of gross asset value.