Greencoat Renewables buys Irish wind farm for €34.5m

Renewable energy investor Greencoat Renewables has bought a 14.1-megawatt wind farm in County Clare, on Ireland's west coast for €34.5m.

The AIM-listed group said on Monday that the acquisition was being funded by its €380m credit facility. Following the acquisition, Greencoat Renewables total borrowings represent 38% of its gross asset value.

Greencoat added that the farm's revenues were contracted under the REFIT 2 scheme, providing it with a long-term guaranteed minimum floor price for all electricity generated at the site until 2032.

As of 0900 GMT, Greencoat shares had ticked up 0.83% to €1.21 each.