Greencoat Renewables has bought two Irish wind farms from BlackRock Real Assets for €88m.
The listed Irish renewable infrastructure company said it has agreed to buy Monaincha, consisting of 15 Nordex N117 turbines with a total capacity of 36MW and Garranereagh, which consists of Garranereagh 4 Enercon E82 turbines with a total capacity of 9.2MW.
Greencoat said the deal will be financed by its increased revolving credit facility of €380m.
Bertrand Gautier, a partner at Greencoat Capital, the investment manager said: “We are very pleased with the transaction, and to be adding significant capacity to our portfolio as well as deepening our relationship with BlackRock.
“In Monaincha and Garranereagh, BlackRock has developed two high-quality assets, both benefitting from high load factors, and a long REFIT life extending to the end of the 2020s.”
Rory O’Connor, the head of European renewables for BlackRock, said: “We are delighted to partner with Greencoat Renewables on this Irish wind transaction. This portfolio is testament to BlackRock’s strong investment, partnering and technical capability in renewable power.
“We are very pleased with this sale and the realisation of value from this portfolio for our clients, and we will continue the strategy of selected realisations over time.”
