Greencoat Renewables buys Cork wind farm for €61.3m

Irish renewable infrastructure company Greencoat Renewables has acquired a wind farm in Co Cork for a total consideration of €61.3 million.

The 48.3MW wind farm at Ballybane was acquired from an independent local developer. It brings Greencoat Renewables’ portfolio of operational wind farms to 251MW capacity.

Ballybane wind farm consists of 21 Enercon E70 turbines with a net generating capacity of 48.3MW. The acquisition was in line with Greencoat Renewables’ investment policy and was funded by the company’s €250 million credit facility.

Attractive asset

Following the acquisition, Greencoat Renewables’ total borrowings are 31 per cent of gross asset value, excluding consideration of the Coillte acquisition which is expected to close during November 2018.

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Paul O’Donnell, partner at Greencoat Capital, the investment manager, said Ballybane was “a very attractive asset with significant generating capacity and a high load factor”.

“The deal represents our fourth transaction with independent developers in 2018, and following the recent Coillte announcement, further evidences the ongoing opportunity in Ireland’s secondary wind market,” he said.