Greencoat Renewables buys Irish wind farm for €88.4m

Greencoat Renewables has agreed to buy the Dromadda More wind farm from Impax Asset Management for €88.4m funded by a €250m credit facility.

Dromadda More is a 36MW windfarm in County Kerry, Ireland, and will be fully commissioned in March 2018 when the acquisition completes, Greencoat said.

As a newly built asset it will have 15 years' support from the Irish government's Refit 2 programme, guaranteeing a minimum price for electricity produced, Greencoat added.

The acquisition is the Irish green infrastructure investment company's first since its flotation in July 2017. Greencoat also announced a three-year €250m revolving credit facility with a syndicate of five banks to fund the deal, refinance €71m of debt and pay for future acquisitions.

Paul O’Donnell, a partner at Greencoat Capital, the company's investment manager, said: “Dromadda More represents the first acquisition for Greencoat Renewables PLC since IPO and underpins the growth opportunity that we believe exists in the Irish onshore wind market. It is an excellent addition to our seed portfolio, and value-accretive to our shareholders.”