LONDON (Alliance News) - Greencoat Renewables PLC on Thursday said it acquired a further 25% stake in Cloosh Valley wind farm, Ireland, from blue-chip energy firm SSE PLC for EUR34.5 million.
The AIM-listed renewable infrastructure company said the deal includes EUR41.7 million of project finance debt attributable to the shareholding acquired.
Greencoat Renewables has 50% stake in Cloosh Valley, which was acquired from Coillte in December 2018. SSE will continue to own the remaining 25% of Cloosh Valley and will continue to manage the operations and trading of the wind farm.
Cloosh Valley consists of 36 Siemens 3.0 megawatts turbines with a combined capacity of 108 megawatts. The wind farm was commissioned in September 2017 and is contracted until 2032.
Cloosh Valley wind farm is part of the 174 megawatts Galway wind park, the largest renewable generation site on the island of Ireland.
"We are very pleased to partner with SSE and to strengthen our relationship as co-owners of this asset at Ireland's largest wind farm," said Greencoat Renewables Investment Manager Paul O'Donnell.
"The sale of this stake in Cloosh Valley Wind Farm to our asset co-owner Greencoat Renewables is a continuation of SSE's longstanding approach of partnering with other renewable investors and securing value for shareholders at appropriate times," added SSE Finance Director Gregor Alexander.
Greencoat Renewables shares closed 0.2% lwoer on Thursday at EUR1.06 each, while SSE ended down 1.4% at 1,203.00p a share.
SSE (SSE)
Greencoat Renewables (GRP)