Greencoat Renewables buys wind farm in County Tipperary

Irish renewable infrastructure company Greencoat Renewables revealed on Friday that it has acquired a wind farm in County Tipperary, Ireland.

Greencoat said the acquisition of An Cnoc Wind Farm, which consists of five Enercon E70 turbines that have been operational since March 2018, would be funded by its existing credit facility and added that following completion, total borrowings would represent 45% of gross asset value.

The AIM-listed firm also added that it had secured a new €200.0m five-year term loan with a syndicate of three banks - Commonwealth Bank of Australia, National Australia Bank and Natwest.

Greencoat will use the loan to pay down some of its existing revolving credit facility, leaving it with a balance of around €115.0m.

Greencoat Capital partner Bertrand Gautier said: "We have now established a new Term Loan facility with a syndicate of three relationship banks to provide depth to our capital structure in line with our leverage strategy.

"We are very pleased with the terms of the facility, and the acquisition flexibility that it will provide."

As of 1310 BST, Greencoat shares were up 0.63% at €1.19 each.