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Greencoat Renewables pays EUR 10.5m for 14-MW wind farm buy

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

November 27 (Renewables Now) - Irish renewable infrastructure company Greencoat Renewables Plc (LON:GRP) on Wednesday announced the purchase of a 14-MW wind park in northwestern Ireland for EUR 10.5 million (USD 11.6m).

The acquisition of the Beam Hill wind farm in County Donegal brings the company's portfolio of installed wind assets to 461 MW. The facility, comprising eight V66 turbines provided by Vestas Wind Systems AS, has been in operation since November 2006. The operations and maintenance contract will still be managed by Vestas, according to the statement.

Greencoat Renewables funded the purchase through its EUR-380-million loan facility, bringing its debt-to-asset ratio to 48%.

The company, which is managed by Greencoat Capital LLP, said this was the first merchant wind farm it has acquired, allowing it to explore various contracted power price structures.

(EUR 1.0 = USD 1.101)

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Before joining Renewables Now, Alex was a UK-focused business news reporter. Now she is covering global news from the renewable energy industry with a special interest in M&A.

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