London based renewable infrastructure specialist acquires international wind farm
Greencoat Renewables PLC, the renewable infrastructure company invested in euro-denominated assets, has acquired Tullahennel wind farm from funds managed by affiliates of Apollo Global Management, Inc.
The wind farm 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 per cent 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.”
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