Greencoat Renewables buys Killala Community Wind Farm

Ireland-focussed renewable infrastructure company Greencoat Renewables has acquired Killala Community Wind Farm, a 20.4MW wind farm situated in County Mayo, it announced on Monday.

The AIM-traded firm said the project consists of five Siemens 3.4MW turbines that have been operational since July.

An additional Siemens 3.4MW turbine is currently under construction, which would bring the installed capacity to 20.4MW in the fourth quarter of 2020.

The company said the initial consideration was €37.2m, with further proceeds payable once the final turbine becomes operational.

Construction of the additional turbine was being overseen by the existing developers, and Siemens would continue to manage the wind farm's operations and maintenance contract.

The firm said the project revenues were contracted under the REFIT 2 scheme, providing a guaranteed minimum floor price for the electricity generated until 2032.

It said the acquisition was being funded by the company's €380m credit facility, and following the acquisition, Greencoat Renewables’ total borrowings were 47% of gross asset value.

“We are pleased to announce the acquisition of Killala, adding another high-quality wind asset with long-term contracted revenues,” said investment manager Paul O'Donnell.

“This is our first acquisition of a community windfarm and we are delighted that the local community will be sharing in the value created.”

At 1605 GMT, shares in Greencoat Renewables were down 0.46%.