(Alliance News) - Investor in renewable energy infrastructure assets Greencoat Renewables PLC on Wednesday said it has aquired 50% of Carrickallen Wind Farm, a 20.5MW wind farm in Ireland, from Galetech Group.
This will bring the London-based company's portfolio of operational wind assets to an aggregate capacity of 538MW.
Following completion of the purchase, total borrowings will represent 44% of gross asset value for Greencoat Renewables.
The other 50% of the asset will continue to be owned by Galetech Group, an experienced Irish wind developer.
The wind farm consists of 10 Senvion MM92 turbines that have been operational since January 2019. The farm's revenues are contracted under the REFIT 2 scheme which provides a long-term guaranteed minimum floor price for the electricity generated until 2032.
Greencoat Renewables Investment Manager Paul O' Donnell said: "We are pleased to announce our investment into Carrickallen wind farm, adding another high-quality wind asset with long-term contracted revenues."
Greencoat Renewables shares were up 0.4% at EUR1.20 on Wednesday morning in London.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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Greencoat Renewables (GRP)