Dublin-listed Greencoat Renewables said it has signed a contract with a “leading technology company” to supply it with energy from a Co Meath solar farm in which it has acquired a 50 per cent stake for an estimated €35 million.
The forward purchase agreement, announced more than two years ago, has now been completed, the group said on Wednesday. The deal will see Greencoat take control of 50 per cent of the 80.5 megawatt South Meath Solar Farm from Scandinavian energy giant Statkraft. The other 50 per cent of the operation has been acquired by Schroders Greencoat, the London-based investment manager that administers the Dublin group’s portfolio of mainly wind assets.
While the Greencoat Renewables statement did not give a value for the deal in 2022, Davy analyst Michael Mitchell said in a note to clients at the time that he understood the consideration for 100 per cent of the asset was €65 million-€70 million, valuing the Irish entity’s stake at an estimated €35 million.
Greencoat also said on Wednesday it has entered into a long-term power purchase agreement (PPA) with a “leading technology company” committing Greencoat to supplying it with 100 per cent of the solar farm’s production.
“Having entered into a forward sale agreement in July 2022, we are pleased to further diversify our portfolio through the completion of the acquisition of the South Meath solar farm from Statkraft, a key strategic partner,” said Paul O’Donnell, partner at Schroders Greencoat.
“As the largest operator of wind assets in Ireland, we remain focused on delivering PPAs with large, highly reputable counterparties. As such, we are delighted to have signed a long-term agreement with one of the world’s leading technology companies as part of this transaction.”
Earlier this year, Greencoat signed an agreement with a Singapore-based real estate investment trust to supply power to its two data centres in the capital.
The Irish group will supply Keppel DC REIT, which operates two centres at Citywest and in Ballycoolin Industrial Estate in Dublin 11, with up to 67 gigawatt-hours (GWh) of renewable energy annually, generated by its wind farm at Ballybane in Co Cork.
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