Greencoat Renewables to buy 80.5-MWp Irish solar farm from Statkraft
Solar park in Germany. Image by: Statkraft (www.statkraft.com).
Greencoat Renewables PLC (LON:GRP) said today it has agreed to acquire an 80.5-MWp solar farm under construction in Ireland from Norwegian power utility and developer Statkraft A/S.
This is the first solar deal in Ireland for Greencoat Renewables. The investor in euro-denominated renewables, managed by Greencoat Capital LLP, initially focused on wind farms in Ireland, but now it is also investing in wind and solar in certain other European markets.
The South Meath solar farm is located in County Meath and is expected to go live in the fourth quarter of 2023.
Greencoat Renewables will buy a 50% interest in the project, while the remaining 50% will be acquired together with a pension fund, which is investing through a fund also run by Greencoat Capital.
Using a forward sale model, the deal will complete after the solar farm has become fully operational. Statkraft will finance and handle the construction and will provide management services following completion.