(Alliance News) - Greencoat Renewables PLC said Monday it has acquired a 14.1 megawatts Letteragh wind farm in Ireland for EUR35.4 million.
The Ireland-focused infrastructure investment firm said this acquisition is being funded by its EUR380 million credit facility. Following the acquisition, Greencoat Renewables total borrowings represents 38% of gross asset value, the company noted.
Letteragh wind farm, situated in County Clare, on Ireland's west coast, consists of 6 Enercon E92 turbines that have been operational since December, the company said.
Its revenues are contracted under the Renewable Energy Feed-in Tariff 2 scheme, the company said, providing long term guaranteed minimum floor price for the electricity generated until 2032.
This acquisition brings Greencoat Renewables' portfolio of operational wind assets to 476 megawatts, the company said.
Paul O'Donnell, investment manager, said: "We are pleased to announce the acquisition of Letteragh Wind Farm, adding another high-quality wind asset with long-term contracted revenues to our portfolio.
"We will continue to work with both international and local developers, providing them with an opportunity to recycle capital into new projects, while enabling us to drive long-term value for our shareholders," O'Donnell said.
Greencoat Renewables shares were trading 0.8% higher in London at EUR1.21 on Monday.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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Greencoat Renewables (GRP)