Greencoat Renewables has bought a 50% stake in a 20.5MW wind farm in County Cavan, Ireland.
The renewable energy infrastructure investor said it has invested an undisclosed amount to buy half of Carrickallen Wind Farm, an asset owned by Galetech Group.
The acquisition is being funded by Greencoat’s existing credit facility. Following completion, total borrowings will represent 44% of gross asset value, the company said.
Greencoat said the wind farm’s revenues are contracted under a feed-in tariff scheme, providing a long-term guaranteed minimum floor price for the electricity generated until 2032.
Paul O’Donnell, Greencoat Renewables investment manager said: “We are pleased to announce our investment into Carrickallen wind farm, adding another high-quality wind asset with long-term contracted revenues.
“We were delighted to partner with Galetech and continue to see a strong pipeline of opportunities both in Ireland and the continent.”
The acquisition brings Greencoat Renewables’ portfolio of operational wind assets to an aggregate capacity of 538MW.
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