Greencoat Renewables inks 10-year power purchase agreement
By Josh White
Date: Thursday 18 Apr 2024
(Sharecast News) - Greencoat Renewables announced the signing of a significant 10-year power purchase agreement (PPA) on Thursday, with Keppel DC REIT, for its Ballybane Phase 1 wind farm.
The AIM-traded company said the wind farm boasted an annual output of 67 GWh of renewable energy.
Under the agreement, Keppel would procure all of the electricity generated in a move aligning with its net zero objectives for 2030.
"We are delighted to announce our first power purchase agreement with Keppel DC REIT," said Greencoat's investment manager, Paul O' Donnell.
"This partnership evidences the significant opportunity for Greencoat Renewables, as the largest operator of wind assets in Ireland, to provide renewable electricity to the growing Irish data centre market.
"In successfully re-contracting Ballybane Phase 1, we have demonstrated our ability to create and sustain long-term value for our investors."
At 0828 BST, shares in Greencoat Renewables were up 1.22% at 0.83p.
Reporting by Josh White for Sharecast.com.
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