September 11 (Renewables Now) - Greencoat Renewables Plc (LON:GRP) today announced it will pay EUR 136.1 million (USD 158m) to acquire stakes in four operating wind farms in Ireland with a combined capacity of 240.4 MW.
The seller is Irish state-owned forestry company Coillte, which back in March said it had launched a sales process for its 50% stakes in wind farms at Raheenleagh, Cloosh Valley and Castlepook, and its 25% stake in Sliabh Bawn. The agreement with Greencoat allows Coillte to recycle capital and continue work on a 1-GW wind project pipeline in Ireland.
The net generating capacity to be acquired by Greencoat amounts to 105.1 MW, bringing the renewable energy investors’ total capacity to 299 MW. The transaction is seen to be completed in November.
Details on the assets to be acquired and the remaining shareholders are available in the table.
|Wind farm||Capacity||Stake to be acquired||Remaining shareholder(s)||Location||Turbines|
|Raheenleagh||35.2 MW||50%||ESB (50%)||County Wicklow||11 by Siemens|
|Cloosh Valley||108 MW||50%||SSE Renewables (50%)||County Galway||36 by Siemens|
|Castlepook||33.2 MW||50%||ESB (50%)||County Cork||14 by Nordex|
|Sliabh Bawn||64 MW||25%||Bord Na Mona (50%), Coillte (25%)||County Roscommon||20 by Siemens|
Greencoat said the assets have high load factors and benefit from 13 years or more of fixed-floor power prices under the REFIT 2 scheme. The overall net enterprise value of the portfolio is EUR 281 million. The firm will pay for the acquisition with funds from its existing revolver.
(EUR 1 = USD 1.16)