Investors pay €72m for Irish windfarm as extension currently under construction
The Renewables Infrastructure Group, a London-based investment firm, has acquired the 41MW operational Clahane windfarm in Co Kerry.
It has also bought a 13.8MW extension to the facility that is currently under construction.
The acquisition price was €72m, which includes the cost of construction, turbines and deferred consideration.
The windfarm has been acquired from a consortium of private investors and has no third-party project debt.
The Renewables Infrastructure Group said its investment has been financed using its revolving acquisition facility.
The company behind the windfarm is owned by local people including Michael Sheehy, John Joe Sheehy, Brendan Allman, Edmond Kennelly, Geraldine Sheehy, and Joan Sheehy.
The single largest shareholders are Mr Allman and Mr Kennelly.
Mr Allman controls construction firm Allman Contracts.
The Renewables Infrastructure Group (TRIG) is advised by Infrared Capital Partners as investment manager and Renewable Energy Systems as operations manager.
The operational windfarm in Kerry was commissioned in 2008 and includes 20 turbines.
The extension, due to be fully operational in the third quarter of this year, will include six turbines. Deferred consideration in the deal is contingent on the completion of certain critical construction milestones at the Clahane extension.
TRIG said that the deal brings its net portfolio generating capacity to 876MW.
It added that it has an active pipeline of further projects under review for potential acquisition.
In order to fund further acquisitions, TRIG said that it has increased the size of its revolving credit facility from £150m to £240m.
Its existing lenders include Royal Bank of Scotland and National Australia Bank. ING Group has also come on board to provide lending capacity.
There's been a number of transactions in Ireland's wind energy market over the past 12 months.
Last month, John Laing Investments, a unit of the UK-listed infrastructure group John Laing, put a 36MW windfarm in Co Tipperary up for sale.
That planned sale came as Greencoat Renewables paid €88.4m for a 36MW windfarm in Co Kerry that's undergoing commissioning.
John Laing Investments has appointed Augusta & Co to handle the sale of the Glencarbry windfarm in Co Tipperary.
It intends to complete a sale by the first quarter of this year.
Last summer a Japanese consortium agreed a deal to buy a 60pc stake in irish firm Evalair, commonly called Invis Energy.