Greencoat to buy 63 MW of RESS-backed Irish wind from Statkraft

Irish renewable infrastructure company Greencoat Renewables Plc (LON:GRP) said today it has agreed to buy 63 MW of wind projects in Ireland from Norway’s Statkraft AS.

Under the deal, to be carried out under a forward sale model, Greencoat will pay EUR 123 million (USD 101m) for the portfolio. The assets included are the 37.8-MW Cloghan and 25.2-MW Taghart wind parks, which will be built in County Offaly and County Cavan, respectively. Their construction is set to begin shortly, Greencoat said.

The purchase will be finalised once each of the assets becomes fully operational in late 2022. Both wind projects are secured with 15-year fixed price contracts awarded in Ireland’s RESS 1 auction.

Norwegian state-owned energy company Statkraft will manage the construction process and will provide trading and operational management services following the plants' commissioning.

Greencoat noted that this is its first acquisition of RESS-contracted assets at home. “We expect this combination of contracted revenues and forward-purchases to become commonplace in both Ireland and Europe over the next few years, and we believe Greencoat Renewables is well positioned given our scale and the strength of our relationships,” added Paul O’Donnell, partner at investment manager Greencoat Capital.

(EUR 1.0 = USD 0.8211)

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