Greencoat Renewables has agreed to acquire stake in 240.4MW wind farm assets in the Republic of Ireland from Coillte for €136.1m.
Image: Greencoat to acquire stake in Irish wind portfolio. Photo courtesy of Sweet Ice Cream Photography on Unsplash.
The portfolio comprises of four wind farms Raheenleagh, Cloosh Valley, Castlepook and Sliabh Bawn wind farms. Under the deal agreement, Greencoat Renewables will acquire Coillte’s 50% stake in Raheenleagh, Cloosh Valley, and Castlepook wind farms and a 25% stake in Sliabh Bawn wind farm.
Coillte will retain a stake of 25% in the Sliabh Bawn wind farm.
The wind farms are supported by long term fixed rate project finance and have an overall net enterprise value of €281m.
The portfolio of Coillte was co-developed by SSE, ESB and Bord Na Mona, who remain joint venture partners in their respective wind farms and retain certain rights related to the transaction.
Greencoat Capital partner Bertrand Gautier said: “We are delighted with this investment into one of Ireland’s premier infrastructure portfolios, and alongside some of the country’s most experienced and trusted utilities.
“As a strategic scale asset, this is another example of our ability to find value across the entire market, and allows Coillte to recycle its capital to build out their significant development portfolio. We look forward to deepening our strategic partnerships with SSE, ESB, Bord Na Mona, and Coillte itself.”
The Raheenleagh wind farm, located in Wicklow County, comprises of 11 of Siemens 3.2MW turbines with a total capacity of 35.2MW. Green Coat is acquiring the stake alongside ESB, which owns the remaining 50%.
Located in Galway County, the Cloosh Valley wind farm consists of 36 of Siemens 3.0MW turbines with a total capacity of 108MW. Greencoat Renewables is investing in the wind farm alongside SSE Renewables which owns the remaining 50%.
While the Castlepook wind farm, located Cork County, comprises 14 of Nordex N90 2.5 MW turbines with a capacity of 33.2MW, the Sliabh Bawn wind farm, located in Roscommon County and includes 20 of Siemens 3.2MW turbines with a capacity of 64MW.
With this investment, the total generating capacity of Greencoat Renewables has reached 299MW.