Greencoat Renewables is buying a portfolio of wind assets in France from John Laing Group for €30.3m.
The acquisition is the company’s first investment in the continental European renewable energy market.
It consists of three windfarms, which come with 16-year long term fixed rate project finance, and have an overall net enterprise value of €95m.
The assets benefit from France's “supportive” tariff regime which guarantees a fixed price for the electricity produced by the asset, Greencoat said.
All assets will benefit for fixed price Feed in Tariff (FIT) with a weighted average remaining FIT of 12.3 years.
Bertrand Gautier, investment manager at Greencoat, said: “"Consistent with our long-term strategy, we are pleased to be making our first investment into the French wind market.
Our existing portfolio already has 97pc of its cashflows contracted under REFIT until Jan 1 2028, and this acquisition further extends the proportion and duration of our fixed-price revenues.”
The purchase is being funded by the company’s €380m credit facility.
Following the acquisition, the listed renewable infrastructure company’s total installed capacity base will increase to 528.1MW.