Thursday 22 November 2018

Coillte agrees €281m deal to sell its operating wind farm assets to Greencoat Renewables

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Donal O'Donovan

Donal O'Donovan

State forestry company Coillte has agreed a deal to sell its operating wind farm assets to Greencoat Renewables for an enterprise value of €281m.

Coillte will be paid €136.1m in cash, which is above its original target of €125m. The rest of the valuation reflects debt that will be carried over to the new owners.

Coillte had invested a total of €25m in equity in these four wind farms over past four years.

The sale does not include land. Coillte will retain ownership of the land on which the wind farms are located and will continue to be paid rent.

The asset sale comprises Coillte’s 50pc stake in each of its joint venture wind farms at Raheenleagh, Cloosh Valley and Castlepook and a 25pc stake in Sliabh Bawn. 

In total the assets represent a net operating capacity of 105.1MW on an equity basis.

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