March 29 (Renewables Now) - Greencoat Renewables Plc (LON:GRP) on Thursday announced it has lifted its shareholding in the 108-MW Cloosh Valley wind farm in Ireland to 75% by acquiring a further 25% interest.
Greencoat has purchased the stake from UK utility SSE Plc (LON:SSE) for some EUR 34.5 million (USD 38.7m) and has also assumed EUR 41.7 million in project finance debt that corresponds to the acquired interest. The deal has brought the renewable energy investors’ total net generating capacity to 411 MW.
Consisting of 36 Siemens 3.0 MW turbines, the Cloosh Valley wind park is part of the 174-MW Galway wind complex and has been generating electricity since September 2017. It benefits from a contract under the REFIT 2 scheme through 2032. Greencoat bought the initial 50% stake in the facility in December 2018 from Irish state-owned forestry group Coillte.
Following the transaction, SSE will continue to own the remaining 25% interest in the wind farm and take care of its operations.
"We continue to see a strong pipeline of acquisition opportunities, for which our track record in execution and operations makes us an attractive partner for utilities looking to recycle capital," said Paul O'Donnell, partner at Greencoat Capital.
(EUR 1.0 = USD 1.123)