Greencoat starts Irish adventure
New renewables unit to buy two wind farms with a combined 137MW
Greencoat Renewables has agreed to acquire two wind farms in Ireland with a combined 137MW in what is its first deal in the country.
The new Irish unit of Greencoat Capital is acquiring the 100MW Knockacummer wind farm in County Cork and the 37.6MW Killhills facility in County Tipperary from Brookfield.
Greencoat Renewables benefits from seed capital from Allied Irish Banks and the Ireland Strategic Investment Fund.
The subsidiary aims to raise further long-term capital to acquire a portfolio of operating renewable energy assets across Ireland, it said.
Brookfield has over 60MW of wind capacity under construction and a development pipeline of more than 200MW in the country, according to Greencoat Renewables.
“We are delighted to have secured this strong seed portfolio,” Greencoat Capital partner Paul O’Donnell said.
“Ireland is an attractive market in which to generate renewable energy from wind, given its strong wind resource and long established regulatory backdrop.
“We look forward to building upon the infrastructure success we have had in the UK, now with an Irish focus.”
McCann FitzGerald acted as legal advisors for Greencoat.