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01 Apr 2021 | 09:49

Greencoat Renewables acquires Ireland's Glencarby wind farm

(Sharecast News) - Euro-denominated renewable infrastructure investment company Greencoat Renewables announced the acquisition of the Glencarbry wind farm from John Laing Group on Thursday. The AIM-traded firm said Glencarbry is located in County Tipperary, Ireland and consists of 12 Nordex turbines that have been operational since July 2017.

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 July 2032.

Nordex would continue to manage the operations and maintenance contract.

The acquisition was being funded by the company's existing credit facility, and following the acquisition, Greencoat Renewables' total borrowings would represent 49% of gross asset value, in the middle of its target gearing range.

Including the previously announced acquisition of the Cordal wind farm which had now completed, Greencoat said its total installed generating capacity had increased to 685.6MW.

"We are pleased to continue our strategy of consolidating the Irish renewable energy market with the acquisition of Glencarbry wind farm, another high-quality asset with long-term contracted revenues," said investment manager Paul O'Donnell.

"We are also pleased to have closed our second transaction with John Laing, again demonstrating our ability to transact with leading investors and developers across the sector.

"We continue to see a range of attractive opportunities, both in Ireland and the wider European market."

At 0900 BST, shares in Greencoat Renewables were up 3.48% at €1.19.
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