Greencoat Renewables scoops up wind farm for €19.3m

Irish renewable infrastructure company Greencoat Renewables has acquired the Tullynamoyle 2 Wind Farm for a consideration of €19.3m, the company said on Tuesday.

The 11.5MW wind farm, situated in County Leitrim, consists of five Enercon E70 turbines and benefits from 15 years of contracted revenues under the REFIT 2 scheme as it was commissioned in February 2018.

As such, the site has a guaranteed minimum floor price for its generated electricity until 2032.

Paul O’Donnell, partner at the company’s investment manager Greencoat Capital, said: "This acquisition is in line with our strategy to partner with both local and international developers while creating long term value for our shareholders. Tullynamoyle 2 is a great asset and another acquisition with very long-term contracted revenues, giving us stability and visibility of income out until 2032."

The acquisition was funded through Greencoat Renewables’ €250m credit facility, with total borrowings now at 44% of gross asset value.

As of 1432 BST, Greencoat Renewables’ shares were down 0.72% at €1.03.