The Irish renewable infrastructure company has purchased the onshore windfarm from John Laing for an undisclosed sum.
Greencoat Renewables has today (1 April) announced its latest acquisition. The Dublin-based renewable infrastructure company has invested an undisclosed sum in the 35.6MW Glencarbry windfarm in Co Tipperary, which is owned by John Laing Group.
Glencarbry has 12 onshore turbines that have been in operation since July 2017. The turbines are operated by German manufacturer Nordex, which will continue to manage their operation and maintenance under the new contract. This is as per a 15-year term agreed when John Laing bought the windfarm from Ecopower in 2015.
Through a number of recent windfarm investments, Greencoat Renewables’ total installed generating capacity is now at 685.6MW.
It bought a windfarm in Killala in Co Mayo for €37.2m in 2019 and late last year agreed to purchase windfarms in Co Cavan and Co Offaly from Norwegian company Statkraft. In February of this year, the company acquired a 43.2MW windfarm in Finland for approximately €60m as part of its European expansion strategy.
Last December, Greencoat Renewables raised €125m in an oversubscribed share placing. The company said that net proceeds would go towards refinancing its revolving credit facility to invest more than €500m in acquisition opportunities in Ireland and other parts of Europe.
Paul O’Donnell, investment manager at Greencoat Capital, said that the acquisition announced today is a step forward in that expansion strategy.
“We are pleased to continue our strategy of consolidating the Irish renewable energy market with the acquisition of Glencarbry windfarm, another high-quality asset with long-term contracted revenues,” he said.
“We are also pleased to have closed our second transaction with John Laing, again demonstrating our ability to transact with leading investors and developers across the sector. We continue to see a range of attractive opportunities, both in Ireland and the wider European market.”