A renewable energy infrastructure fund managed by Impax Asset Management (AIFM), has completed the sale of the 36MW Dromadda More wind farm in County Kerry, Ireland to Greencoat Renewables PLC for an undisclosed amount.
The fund acquired the project to develop 11 turbines on the site in 2015 from a local developer. The project was constructed using 3.3MW Vestas V112 turbines, some of the largest to be installed in the country to date.
Funding for construction comprised Fund equity and third party non-recourse project finance. A sale agreement was signed following a competitive auction process late last year. The transaction completed on 30 April 2018 as the project entered commercial operations.
Ryan Cameron, Director at Impax, says: “This sale is an important milestone in our planned exit strategy of the Fund. We remain committed to growing our business in Ireland by making investments in assets we own as well as through acquisitions.”
