Greencoat Renewables acquires Ireland's Tullahennel wind farm

Renewable infrastructure company Greencoat Renewables has acquired Ireland's Tullahennel wind farm from funds managed by affiliates of Apollo Global Management.

Greencoat said on Wednesday that the wind farm, located in County Kerry, consists of 13 GE 2.85-megawatt turbines that have been operational since September 2018.

The AIM-listed firm stated the windfarm's revenues were contracted under the REFIT 2 scheme, providing a long-term guaranteed minimum floor price for the electricity generated until December 2032. GE will continue to manage operations and the turbine's maintenance contract.

While no financial terms were disclosed, Greencoat said the acquisition was being funded by its existing credit facility.

Investment manager Paul O'Donnell said: "We are pleased to continue consolidating the Irish renewable energy market with the acquisition of another high-quality asset with long-term contracted revenues.

"We are encouraged by the range of attractive opportunities that exist, both in Ireland and the wider European market and are focused on building the premier European renewable energy portfolio which offers strong secure long-term income for shareholders."

As of 0910 GMT, Greencoat shares were down 0.65% at €1.15 each.