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26 Feb 2021 | 09:11

Greencoat Renewables agrees acquisition of Cordal wind farm

(Sharecast News) - Renewable infrastructure company Greencoat Renewables announced an agreement to acquire the Cordal wind farm from renewable energy investor and operator Cubico Sustainable Investments on Friday. The AIM-traded firm said the wind farm is located in County Kerry, Ireland, and consists of 28 3.2MW GE turbines that reached full commercial operations in May 2018.

It said the wind farm's revenues were contracted under the REFIT 2 scheme, providing a long-term guaranteed minimum floor price for the electricity generated until 2032.

GE would continue to manage the operations and maintenance contract, Greencoat said.

"The acquisition is being funded by the group's existing revolving credit facility and is expected to close in April," the board said in its statement.

"Following the acquisition, Greencoat Renewables' total borrowings will represent around 46% of gross asset value."

At 0849 GMT, shares in Greencoat Renewables were up 1.39% at 1.2p.
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