(Alliance News) - Greencoat Renewables PLC on Wednesday said it has agreed to acquire the Gortahile wind farm in County Laois, Ireland.
The farm will be purchased from Glennmont Partners, with the deal set to close on Wednesday next week. Greencoat said it will fund the acquisition using its EUR380 million credit facility and its total borrowings will be 46% of its gross asset value upon completion.
Gortahile is a 20 megawatt wind farm consisting of eight Nordex N90 turbines and was commissioned in August 2010. Revenues from Gortahile are contracted under the REFIT 1 scheme, which provides a guaranteed minimum floor price for the electricity it generates.
Nordex will still manage the farm's operation and maintenance contract.
Investment Manager Paul O'Donnell said: "We are pleased to announce the acquisition of Gortahile, adding another high-quality wind asset with long-term contracted revenues. We were delighted to work with Glennmont Partners on the transaction and continue to see a strong pipeline of opportunities in the Irish secondary market."
Shares in Greencoat Renewables were down 0.4% at EUR1.18 in London shortly before close on Wednesday.
Greencoat Renewables (GRP)