Greencoat Renewables buys two wind farms for EUR88m

Renewable infrastructure group Greencoat Renewables has announced the acquisition of two wind farms from BlackRock Real Assets for €88m.

The company said on Monday that it has bought the Monaincha wind farm in Country Tipperary, which consists of 15 Nordex N117 turbines with a total capacity of 36MW, and the Garranereagh wind farm in County Cork, which consists of 4 Enercon E82 turbines with a total capacity of 9.2MW.

The first was commissioned in September 2014 and benefits from the REFIT 2 tariff until September 2029, while the second was commissioned in September 2013 and benefits from the REFIT 1 tariff until December 2027.

Bertrand Gautier, partner at investment manager Greencoat Capital, said: "We are very pleased with the transaction, and to be adding significant capacity to our portfolio as well as deepening our relationship with BlackRock.

"In Monaincha and Garranereagh, BlackRock has developed two high-quality assets, both benefitting from high load factors, and a long REFIT life extending to the end of the 2020s."

The acquisitions, which are expected to close by the end of this month, will be made using Greencoat's increased revolving credit facility of €380m.

At 0915 GMT, the shares were up 1.2% to €1.06.