Wednesday 17 October 2018

Tipperary windfarm is put up for sale

Greencoat Renewables also owns windfarms in Co Tipperary and Co Cork. Stock image
Greencoat Renewables also owns windfarms in Co Tipperary and Co Cork. Stock image
John Mulligan

John Mulligan

John Laing Investments, a unit of the UK-listed infrastructure group John Laing, is selling a 36MW windfarm in Ireland.

The planned sale comes as Greencoat Renewables said yesterday it 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 wind farm in Co Tipperary. It intends to complete a sale by the first quarter of 2018.

Industry publication 'SparkSpread', which first reported the planned Glencarbry sale, said the wind farm was commissioned in August and has €47m in debt attached to it.

Last year, John Laing entered an agreement with Dublin energy-trading firm ElectroRoute to sell the output of Glencarbry, according to 'SparkSpread'.

Greencoat Renewables said yesterday that it's buying the Dromadda More windfarm in Co Kerry from Impax Asset Management.

The wind farm will be operational in March.

Greencoat said it has also secured a new €250m revolving credit facility (RCF).

The banks providing the three-year RCF include AIB, BNP Paribas, Commerzbank, Royal Bank of Scotland and Santander. It will be used to refinance project finance of €71m and fund acquisitions, including Drommada More.

Irish Independent

Business Newsletter

Read the leading stories from the world of Business.

Also in Business