Greencoat Renewables buys Tipperary wind farm

(Stock image)

Ellie Donnelly Twitter Email

April 01 2021 07:36 AM

Renewable energy investor Greencoat Renewables has purchased Glencarbry wind farm in county Tipperary from John Laing Group.

The wind farm is made up of 12 Nordex turbines that have been operational since July 2017.

The wind farm's revenues are contracted under the renewable energy feed-in tariff (REFIT 2) scheme, which provides a long-term guaranteed minimum floor price for the electricity generated until the middle of 2032.

A government initiative, the REFIT schemes provided certainty to renewable electricity generators by providing them with a minimum price for each unit of electricity exported to the grid over a 15 year period.

Nordex will continue to manage the operations and maintenance contract.

The purchase of the wind farm is being funded by Greencoat’s existing credit facility.

Paul O'Donnell, investment manager at Greencoat said: "We are pleased to continue our strategy of consolidating the Irish renewable energy market with the acquisition of Glencarbry wind farm, another high-quality asset with long-term contracted revenues.”

“We continue to see a range of attractive opportunities, both in Ireland and the wider European market."

Following the acquisition, Greencoat’s total borrowings will represent 49pc of its gross asset value, in the middle of the company's target gearing range, according to a statement from the group.

Including the previously announced acquisition of Cordal wind farm which has now completed, Greencoat Renewables' total installed generating capacity has increased to 685.6 megawatts.

Greencoat saw its energy generation increase by over 22pc last year to 1,404 gigawatt hours.

Net cash generation increased by 36pc last year to €66.4m, according to annual results from the group released last month.

During the year Greencoat increased its portfolio to 21 wind farm investments.

It purchased four wind farms in Ireland in the period. It also completed its first deal in Continental Europe with the acquisition of three wind farms in France.