LONDON (Alliance News) - Greencoat Renewables PLC said Tuesday it agreed to acquire the majority of Coillte's shareholding in its portfolio of operating wind generation assets for EUR136.1 million.
Greencoat will buy the full 50% stake Coillte holds in Raheenleagh, Cloosh Valley, and Castlepook wind farms and a 25% stake in Sliabh Bawn in which Coillte will retain a 25% ownership. All the wind farms are located in Ireland.
The four wind farms come with a long-term fixed rate financing and have a net enterprise value of EUR281 million, Greencoat said. The buy is expected to complete in November.
Coillte joint venture partners - SSE PLC, ESB Group and Bord Na Mona PLC - will remain partners in their respective wind farms.
"The investments total a net generating capacity of 105.1 megawatts, taking Greencoat Renewables' total installed capacity to 299 megawatts," the company said.
Greencoat shares were trading down 0.2% at EUR1.046 each.
SSE (SSE)
Greencoat Renewables (GRP)