Greencoat to buy 45.2 MW of Irish wind farms from BlackRock

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

December 10 (Renewables Now) - Irish renewable infrastructure fund Greencoat Renewables Plc (LON:GRP) has agreed to acquire 45.2 MW of wind farms in Ireland from a fund managed by BlackRock Inc (NYSE:BLK).

The acquisition from BlackRock Real Assets was announced on Monday and includes two operational wind farms, namely the 36-MW Monaincha and 9.2-MW Garranereagh facilities. The purchase amount stands at EUR 88 million (USD 100.5m), Greencoat said in a press release.

The Irish investor said the assets have high load factors and are contracted under the Renewable Energy Feed-in Tariff (REFIT) support mechanism. The larger facility, the 36-MW Monaincha plant in County Tipperary, uses 15 Nordex N117 turbines that have been generating power since September 2014. The plant will be receiving tariffs under the REFIT 2 scheme through September 2029.

The second wind park of the portfolio is located in County Cork and was commissioned in 2013. It consists of four Enercon E82 turbines and has a REFIT 1 contract until December 2027.

Greencoat will finance the purchase with funds from its EUR-380-million revolving credit facility. It expects the deal to be completed by the end of this month.

(EUR 1.0 = USD 1.142)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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