LONDON (ShareCast) - (Sharecast News) - Renewable infrastructure company Greencoat Renewables announced an agreement to acquire the Cloghan and Taghart wind farms in Ireland on Monday, under a forward sale model with the vendor Statkraft, for a combined consideration of €123m (£113.32m).
The AIM-traded firm said construction of the farms was scheduled to begin "shortly", with the acquisition due for completion once each wind farm was fully operational, expected in late 2022.

It said the 37.8MW Cloghan is located in County Offaly, and the 25.2MW Taghart is located in County Cavan.

Statkraft would manage the construction of each wind farm, and would continue to provide trading and operational management services for the wind farms once operational.

Both wind farms benefitted from 15-year fixed price contracts, secured under the recent RESS 1 auction.

It was the first Greencoat Renewables acquisition supported by the Irish government's RESS scheme, the board noted.

"Securing our first assets under RESS is an important milestone for us as the RESS auctions will continue to support the growth of the Irish renewables market," said Paul O'Donnell, partner at the company's investment manager, Greencoat Capital.

"We expect this combination of contracted revenues and forward-purchases to become commonplace in both Ireland and Europe over the next few years, and we believe Greencoat Renewables is well positioned given our scale and the strength of our relationships."

At 0951 GMT, shares in Greencoat Renewables were down 0.22% in London, at €1.16.

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