Greencoat Renewables an Irish renewable infrastructure company, is to acquire Lisdowney, a 9.2MW wind farm situated in County Kilkenny, for a total consideration of EUR22.5 million.
Lisdowney wind farm consists of four Enercon E82 turbines. The wind farm was commissioned in November 2016 and its revenues are contracted under the REFIT 2 scheme until 2031, guaranteeing a minimum floorprice for the electricity generated. Following the acquisition Enercon will continue to manage the wind farm’s O&M contract.
The acquisition will be subject to an adjustment mechanism that will assess actual energy production over an 18 month period and the acquisition price will be adjusted accordingly if required.
Paul O’Donnell, Partner at Greencoat Capital, the Investment Manager, says: “We’re very pleased with the acquisition of Lisdowney, a high quality addition to our portfolio. This acquisition is in line with our strategy of acquiring high quality wind farms in the Republic of Ireland. We will continue to work with both international and local developers, providing them with an opportunity to recycle capital into new projects, while enabling us to drive long-term value for our shareholders.”
The acquisition was funded by Greencoat Renewables EUR250 million credit facility. Following completion of Lisdowney and Dromadda More, Greencoat Renewables total borrowings will be 41 per cent of Gross Asset Value.
