Greencoat Renewables has agreed to acquire the 36MW Dromadda More wind farm in Ireland from Impax Asset Management for €88.4m.

The project, which is located in Kerry, comprises 11 Vestas V112 turbines and is currently being energised.

It is expected to be formally commissioned in March next year, when the acquisition will complete.

Dromadda More, also known as Glanaruddery, will benefit from 15 years of Refit 2 revenues, Greencoat said.

The deal is subject to an “adjustment mechanism” that will assess electricity production over a year and adjust the acquisition price accordingly, the company said.

The acquisition will bring total capacity of the Irish company’s assets to 173MW. 

Greencoat also announced a new €250m revolving credit facility with AIB, BNP Paribas, Commerzbank, Royal Bank of Canada and Santander.

The three-year facility will be used to re-finance €71m of existing project debt and fund new acquisitions, including Dromadda More.

Greencoat Capital partner Bertrand Gautier said: “We have now established a new revolving credit facility with a syndicate of five banks to allow us to effectively pursue wind generation assets when the right opportunities arise.”  

Image: Greencoat Renewables