Irish renewable infrastructure company Greencoat Renewables has agreed to acquire the Monaincha and Garranereagh wind farms from BlackRock Real Assets for a total consideration of €88m.
Image: Greencoat Renewables acquires Monaincha and Garranereagh wind farms from BlackRock Real Assets Photo: Courtesy of Anna Jiménez Calaf on Unsplash.
Located in County Tipperary, Ireland, Monaincha wind farm was commissioned in September 2014.The wind farm comprises 15 Nordex N117 turbines with a total capacity of 36MW output. It benefits from the REFIT 2 tariff until September 2029.
Garranereagh wind farm was commissioned in September 2013 and is located in County Cork. The wind farm consists of 4 Enercon E82 turbines with a total capacity of 9.2MW output. It benefits from the REFIT 1 tariff until December 2027.
Greencoat Capital partner Bertrand Gautier 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.”
Greencoat Renewables will make use of its increased Revolving Credit Facility of €380m to acquire the two wind farms.
BlackRock European Renewables head Rory O’Connor 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.”
In September 2018, Greencoat had agreed to acquire stake in 240.4MW wind farm assets in the Republic of Ireland from Coillte for €136.1m. The deal included four wind farms Raheenleagh, Cloosh Valley, Castlepook and Sliabh Bawn wind farms.
Under the terms of the deal, Greencoat Renewables agreed to buy Coillte’s 50% stake in Raheenleagh, Cloosh Valley, and Castlepook wind farms and a 25% stake in Sliabh Bawn wind farm.
Coillte has retained a stake of 25% in the Sliabh Bawn wind farm.