Greencoat subsidiary acquires two Irish wind farms

A new wholly-owned subsidiary of ESB's clean tech fund adviser, Greencoat Capital, has acquired the Knockacummer and Killhills wind farms in Ireland, comprising 137 MW of operating capacity.

No financial details of the sale from Brookfield Renewable Ireland to Greencoat Renewables was disclosed.

Knockacummer Wind Farm, located in Co Cork, comprises 40 Nordex N90 turbines with a capacity of 100 MW. Killhills Wind Farm in Co Tipperary has 16 Enercon E82 turbines with a capacity of 37.6 MW.

McCann FitzGerald were legal advisers to Greencoat on the deal.

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The seed capital for Greencoat Renewables, which is managed by Greencoat Capital, is being provided by AIB and the Ireland Strategic Investment Fund (ISIF).

The new subsidiary said it intends to raise further long-term capital, over time, to build a leading portfolio of operating renewable energy assets in Ireland with the objective of delivering a progressive income stream to investors.

“We are delighted to have secured this strong seed portfolio. Ireland is an attractive market in which to generate renewable energy from wind, given its strong wind resource and long established regulatory backdrop,” said Paul O’Donnell, a partner at Greencoat Capital.

Greencoat Capital, which has made more than 15 investments on behalf of ESB, launched the UK's first listed renewable infrastructure platform with the establishment and listing of Greencoat UK Wind PLC on the London Stock Exchange in 2013. Greencoat UK Wind PLC has since grown to comprise £900 million (€1,030m) of operating assets.