Greencoat Renewables to acquire Kerry wind farm

Greencoat Renewables is to acquire the Cordal wind farm from Cubico Sustainable Investments, a global renewable energy investor and operator.

Greencoat, which is a renewable infrastructure company invested in euro-denominated assets, made the announcement on Friday.

The wind farm is located in Co Kerry, and consists of 28 3.2MW GE turbines that reached full commercial operations in May 2018.

The wind farm’s revenues are contracted under the Refit 2 scheme, “providing a long-term guaranteed minimum floor price for the electricity generated until 2032”, the company said. GE will continue to manage the operations and maintenance contract.

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The acquisition is being funded by the group’s existing revolving credit facility and is expected to close in April. Following the acquisition, Greencoat Renewables’ total borrowings will represent about 46 per cent of gross asset value.