Wednesday 23 October 2019

Greencoat in €88m deal for wind farms

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Ellie Donnelly

Ellie Donnelly

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

The purchases were funded through the company's revolving credit facility of €380m and in line with the group's investment policy.

Monaincha wind farm in Co Tipperary consists of 15 Nordex N117 turbines, with a total capacity of 36MW.

It benefits from the Renewable Energy Feed-in Tariff 2 (REFIT2) until September 2029. Meanwhile Garranereagh wind farm, which consists of four Enercon E82 turbines with a total capacity of 9.2MW, is located in Co Cork. It benefits from the REFIT 1 tariff until December 2027.

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.

Today it represents just over 10pc of the Irish wind farm market. "The acquisition of two BlackRock wind assets in Ireland bookends a very successful year for Greencoat Renewables," said Davy analyst Michael Mitchell.

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.

Irish Independent

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