The Killala Community wind farm consists of five Siemens 3.4MW turbines which have been generating electricity since July this year
Irish renewable infrastructure company Greencoat Renewables has acquired a 20.4MW Killala Community wind farm in County Mayo, Ireland.
The company will provide €37.2m ($41.2m) as an initial consideration and will pay the rest of the amount once the final turbine becomes operational.
The transaction is being funded from the company’s €380m ($420.4m) credit line.
The Killala Community wind farm consists of five Siemens 3.4MW turbines which have been generating electricity since July this year.
Greencoat Renewables investment manager Paul O’Donnell said: “We are pleased to announce the acquisition of Killala, adding another high-quality wind asset with long-term contracted revenues.
“This is our first acquisition of a community windfarm and we are delighted that the local community will be sharing in the value created.”
An additional turbine from Siemens with the same capacity is currently under construction, which will take the installed capacity of the wind farm to 20.4MW in the fourth quarter of 2020.
The installation of the last turbine is being overseen by the existing developers and Siemens will continue to manage the plant’s operations and maintenance.
Greencoat Renewables said that the wind farm revenues are contracted under the REFIT 2 scheme, offering a guaranteed minimum floor price for the electricity generated until 2032.
It also said that the acquisition is its first acquisition of a community wind park and the transaction increases the total installed capacity of the company to 451MW.
Other transactions of Greencoat Renewables
In 2018, Greencoat Renewables agreed to acquire Monaincha and Garranereagh wind farms from BlackRock Real Assets for a total worth of €88m ($97.3m).
Located in County Tipperary, Ireland, the Monaincha wind farm which was commissioned in September 2014 comprises 15 Nordex N117 turbines with a total capacity of 36MW output.
Garranereagh wind farm located in County Cork, consists of 4 Enercon E82 turbines with a total capacity of 9.2MW output.
The company had also agreed to acquire stake in 240.4MW wind farm assets in the Republic of Ireland from Coillte for €136.1m in 2018.