Greencoat Renewables to buy Lisdowney wind farm for €22.5m

Irish company says acquisition will be funded from €250m credit facility

Greencoat Renewables: turbines at the company’s Knockacummer wind farm, in Co Cork

Greencoat Renewables: turbines at the company’s Knockacummer wind farm, in Co Cork

 

The Irish renewable-infrastructure company Greencoat Renewables has agreed to buy Lisdowney, a 9.2MW wind farm in Co Kilkenny, for €22.5 million.

The wind farm’s revenue is contracted under the Renewable Energy Feed-in-Tariff 2 scheme until 2031, guaranteeing a minimum price for electricity generated at the wind farm, which consists of four Enercon E-82 turbines.

Enercon will continue to manage the operation and maintenance contract for the wind farm, which was established by a civil engineer, James Carville, and two farmers, Thomas McEvoy and Matthew Bergin.

Greencoat Renewables, which raised €270 million in an initial public offering last July, said the final purchase price would depend on actual energy production over an 18-month period.

“This acquisition is in line with our strategy of acquiring high-quality wind farms in the Republic of Ireland, ” said Paul O’Donnell, a partner at Greencoat Capital, which manages Greencoat Renewables. “We will continue to work with both international and local developers, providing them with an opportunity to recycle capital into new projects, while enabling us to drive long-term value for our shareholders.”

The acquisition was funded by Greencoat’s €250 million credit facility with five banks, which it arranged in December. That month Greencoat acquired another wind farm, the 36MW Dromadda More, in Co Kerry.