Greencoat Renewables (GRP)
, the Irish-based infrastructure firm invested in assets dominated by the euro, announced on Wednesday its acquisition of a 14.0MW Beam Hill Wind Farm.
The company purchased the wind farm situated in County Donegal in Northwestern Ireland for a total consideration of €10.5 million.
This morning’s announcement holds particular significance for the group as it brings Greencoat’s portfolio capacity of operational wind assets to a total 461MW.
Following the acquisition, which is being funded via the firm’s €380 million credit facility, Greencoat’s total borrowings will stand at 48% of Gross Asset Value.
Danish wind turbine firm, Vestas, will continue to manage the operations and maintenance contract at the site which is home to 8 Vestas V66 turbines which have been in operation since November 2006.
Investment Manager, Bertrand Gautier, described the addition of Beam Hill Wind Farm as adding “another high-quality wind asset” to the group’s existing portfolio. He commented:
“Beam Hill represents our first merchant wind farm acquisition and will allow Greencoat Renewables to explore different contracted power price structures, including the emerging Corporate PPA market in Ireland.”
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