Greencoat Renewables Announce Acquisition Of 48.3MW Wind Farm
Greencoat Renewables, the Irish renewable infrastructure company, has announced the acquisition of Ballybane, a 48.3MW wind farm situated in County Cork. The wind farm was acquired from an independent local developer for a total consideration of €61.3 million. This brings Greencoat Renewables' portfolio of operational wind farms to 251MW capacity.
Ballybane wind farm consists of 21 Enercon E70 turbines with a net generating capacity of 48.3MW. The wind farm was constructed in three phases, all of which qualify for the REFIT tariff:
Phase 1: 13 turbines contracted under the REFIT 1 scheme until 2023
Phase 2: 6 turbines contracted under the REFIT 2 scheme until 2030
Phase 3: 2 turbines contracted under the REFIT 2 scheme until 2032
The acquisition was in line with Greencoat Renewables' Investment Policy and was funded by the company's €250 million credit facility. Following the acquisition, Greencoat Renewables' total borrowings are 31% of Gross Asset Value (excluding consideration of the Coillte acquisition which is expected to close during November 2018).
Paul O'Donnell, Partner at Greencoat Capital, the Investment Manager said: “Ballybane is a very attractive asset with significant generating capacity and a high load factor. The deal represents our fourth transaction with independent developers in 2018, and following the recent Coillte announcement, further evidences the ongoing opportunity in Ireland's secondary wind market.”