Greencoat Renewables Share News (GRP)

LONDON (Alliance News) - Greencoat Renewables PLC said Tuesday that it has acquired the Tullynamoyle 2 wind farm in County Leitrim, Ireland, for EUR19.3 million.

The Irish renewable infrastructure company acquired the 11.5 megawatt wind farm was from a local developer.

Tullynamoyle 2 wind farm consists of five Enercon E70 turbines, and was commissioned in February 2018, thereby benefiting from 15 years of contracted revenues under the Refit 2 scheme, guaranteeing a minimum floor price for the electricity generated until 2032.

The acquisition was funded by Greencoat's EUR250 million credit facility. Following the completion of Tullynamoyle 2 and the closing of Dromadda More, Greencoat's total borrowings will be 44% of gross asset value.

Paul O'Donnell, Partner at Greencoat Capital, the Investment Manager said: "This acquisition is in line with our strategy to partner with both local and international developers while creating long term value for our shareholders. Tullynamoyle 2 is a great asset and another acquisition with very long-term contracted revenues, giving us stability and visibility of income out until 2032."

Shares in Greencoat Renewables were trading down 0.7% at EUR1.03 Tuesday afternoon.