Greencoat snaps up 50% stake in Irish wind farm
By Abigail Townsend
Date: Wednesday 08 Jul 2020
(Sharecast News) - Greencoat Renewables has snapped up a 50% stake in Ireland's Carrickallen Wind Farm, the listed investment firm announced on Wednesday.
The remaining 50% of the 20.5mw County Cavan wind farm, which consists of 10 turbines that have been operational since January 2019, is owned by Galetech Group, an Irish wind developer.
Greencoat, which was founded in 2017 to invest in renewable energy infrastructure and is managed by Greencoat Capital, did not reveal financial details, other than to confirm that the acquisition was being funding from existing credit facilities. Once the deal completes, total borrowings will represent 44% of gross asset value, the firm said.
Paul O'Donnell, investment manager, said the deal had added "another high-quality wind asset with long-term contracted revenues. We are delighted to partner with Galetech and continue to see a strong pipeline of opportunities both in Ireland and the continent."
As at 1530 BST, shares in Greencoat were ahead 1% at €1.21. Greencoat is listed in Ireland and on London's Aim.
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