Thursday 27 June 2019

Greencoat Renewables completes Kerry wind farm acquisition

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Ellie Donnelly

Ellie Donnelly

Greencoat Renewables, Ireland's first stock market-listed renewable energy firm, has completed the acquisition of Dromadda More wind farm in Kerry.

In December last year the company announced that it was to buy the 36MW wind farm from Impax Asset Management for a total consideration of €88.4m.

Announcing the acquisition last December, Greencoat also said that it was putting in place a €250m revolving credit facility (RCF) with a syndicate of five banks - AIB, BNP Paribas, Commerzbank, Royal Bank of Canada and Santander.

The company said at the time that the RCF would be used to refinance its existing project finance debt of €71m, as well as fund new acquisitions, including the Dromadda More wind farm.

The acquisition takes Greencoat Renewables' generation capacity to 194MW and total borrowings to 43pc of gross asset value.

To date Greencoat has received over €70m in investment from the Ireland Strategic Investment Fund.

Last July it raised €270m through its initial public offering (IPO) on the Irish Stock Exchange’s (ISE) Enterprise Securities Market.

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