Tuesday 15 October 2019

Greencoat continues spending spree with the purchase of two wind farms for €88m

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Ellie Donnelly

Ellie Donnelly

Dublin-listed Greencoat Renewables has snapped up two wind farms for €88m from BlackRock Real Assets.

Monaincha wind farm is located in county Tipperary.

It consists of 15 Nordex N117 turbines, with a total capacity of 36MW.

It was commissioned in September 2014 and benefits from the Renewable Energy Feed-in Tariff 2 (REFIT2) until September 2029.

Meanwhile Garranereagh wind farm is located in county Cork.

It consists of four Enercon E82 turbines with a total capacity of 9.2MW.

It was commissioned in September 2013 and benefits from the REFIT 1 tariff until December 2027.

The acquisition is being funded through the company’s revolving credit facility of €380m.

Commenting on the transaction, Rory O'Connor, head of European Renewables for BlackRock, said that the group was "delighted" to partner with Greencoat.

"We are very pleased with this sale and the realisation of value from this portfolio for our clients, and we will continue the strategy of selected realisations over time," Mr O’Connor said.

Greencoat has embarked on something of a spending spree after a €270m IPO last year.

In October the company purchased a Cork wind farm for €61.3m, while earlier this year it agreed a deal to purchase of most of Coillte's operating wind farms for €136.1m.

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