A deal has been struck for the acquisition of a 20MW wind farm situated in County Laois.
Greencoat Renewables has entered into an agreement to acquire Gortahile from Glennmont Partners. The transaction is expected to close on 18 September 2019.
Gortahile Wind Farm consists of eight Nordex N90 turbines. The wind farm was commissioned in August 2010 and its revenues are contracted under the REFIT 1 scheme, providing a long-term guaranteed minimum floor price for the electricity generated.
Following the acquisition, Nordex will continue to manage the wind farm's O&M contract. The additional aggregate generating capacity will bring Greencoat Renewable's total installed capacity to 431MW.
The acquisition will be funded by Greencoat Renewables €380m credit facility. Following the completion of the acquisition, Greencoat Renewables total borrowings will be 46 per cent of gross asset value.
Paul O'Donnell, investment manager, said: "We are pleased to announce the acquisition of Gortahile, adding another high-quality wind asset with long-term contracted revenues.
"We were delighted to work with Glennmont Partners on the transaction and continue to see a strong pipeline of opportunities in the Irish secondary market."
Francesco Cacciabue, partner and chief financial officer of Glenmont Partners, added: "We are delighted to be entering into an agreement for the sale of Gortahile Wind Farm to Greencoat Renewables.
"Glennmont Partners has been an active investor in the Irish wind market for a number of years and this divestment from Clean Energy Fund I further underlines our ability to deliver value from our assets.
"With a specialist focus on clean energy infrastructure investors can look forward to our experienced team securing and adding further value from European power generation assets in the coming months."