Greencoat Renewables is investing €123m to buy two Irish windfarms from Statkraft.

The renewable infrastructure company said it has agreed to buy the 37.8MW Cloghan and 25.2MW Taghart wind farm projects which are expected to be fully operational in late 2022.

Statkraft will manage the construction of each wind farm and will continue to provide trading and operational management services for the wind farms once operational.

Greencoat Renewables said both wind farms benefit from 15-year fixed-price contracts, secured under the recent the renewable electricity support scheme (RESS) 1 auction, adding that it represents the first Greencoat Renewables acquisition supported by the Irish government’s RESS scheme.

Paul O’Donnell, partner at Greencoat Capital, the investment manager, said securing our first assets under RESS is an important milestone for us as the RESS auctions will continue to support the growth of the Irish renewables market.

“We expect this combination of contracted revenues and forward-purchases to become commonplace in both Ireland and Europe over the next few years, and we believe Greencoat Renewables is well-positioned given our scale and the strength of our relationships.”

To read the digital edition of the latest IPE Real Assets magazine click here.