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Greencoat Renewables Plc, the renewable infrastructure company invested in euro-denominated assets, acquired Tullahennel wind farm in Ireland from funds managed by affiliates of Apollo Global Management, Inc.
The windfarm is located in County Kerry, Ireland and consists of 13 GE 2.85MW turbines that have been operational since September 2018. The windfarm’s revenues are contracted under the REFIT 2 scheme, providing a long-term guaranteed minimum floor price for the electricity generated until December 2032. GE will continue to manage the operations and maintenance contract.
The acquisition is being funded by the Company’s existing credit facility. Following the acquisition, Greencoat Renewables’ total borrowings will represent 43% of Gross Asset Value.
Paul O’Donnell, Investment Manager said: “We are pleased to continue consolidating the Irish renewable energy market with the acquisition of another high-quality asset with long-term contracted revenues.
We are encouraged by the range of attractive opportunities that exist, both in Ireland and the wider European market and are focused on building the premier European renewable energy portfolio which offers strong secure long-term income for shareholders.”
Greencoat Renewables PLC is an investor in euro-denominated renewable energy infrastructure assets. Initially focused solely on the acquisition and management of operating wind farms in Ireland, the Company is now also investing in wind and solar assets in certain other European countries with stable and robust renewable energy frameworks. It is managed by Greencoat Capital LLP, an experienced investment manager in the listed renewable energy infrastructure sector.