Business

Tuesday 20 November 2018

Greencoat Renewables buys Cork wind farm for €61.3m

Dublin-listed Greencoat Renewables has snapped up a Cork windfarm for €61.3m. Stock image
Dublin-listed Greencoat Renewables has snapped up a Cork windfarm for €61.3m. Stock image
Gavin McLoughlin

Gavin McLoughlin

Dublin-listed Greencoat Renewables has snapped up a Cork windfarm for €61.3m.

The 48.3 megawatt (MW) project is located at Ballybane and has been acquired from a local developer.

The purchase was funded by a Greencoat’s €250m credit facility.

The company now has an operational windfarm portfolio of 251 MW.

Paul O’Donnell, partner at Greencoat Renewables’ investment manager Greencoat Capital, said the Ballybane windfarm is a “very attractive asset with significant generating capacity”.

“The deal represents our fourth transaction with independent developers in 2018 and...further evidences the ongoing opportunity in Ireland’s secondary wind market,” he added.

Greencoat has recently agreed a deal to purchase most of Coillte’s operating wind farms for €136.1m. It has embarked on something of a spending spree after a €270m IPO last year.

Since then it has raised a further €111m as part of an exercise that could see €250m raised in total. Wind assets are seen as attractive for long-term investors because they provide a steady income stream over what tend to be long power-supply contracts.

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