Greencoat Renewables has recently finalized its acquisition of the Cloghan Wind Farm, a 38MW facility situated in County Offaly, Ireland.
The wind farm was procured in December 2020 through a forward sale commitment from Statkraft, which oversaw the construction of the project.
Under the terms of the agreement, Statkraft will continue to offer trading and operational management services for the wind farm. Additionally, the facility benefits from a 15-year fixed price contract secured through the RESS 1 auction, ensuring stability until 2037.
See also: Statkraft and CIP secure 500 MW in Ireland's first offshore wind auction
Following the acquisition, Greencoat Renewables' total borrowings now amount to 47% of its gross asset value.
Expressing satisfaction with the successful acquisition, Paul O'Donnell, Investment Manager, stated, “We are pleased to complete the acquisition of this long-term asset and further strengthen Greencoat Renewables' position in the Irish wind sector. This sector offers robust contracted cash flows, and we continue to identify onshore wind opportunities within it.”
O'Donnell also expressed delight in partnering with Statkraft once again and emphasized the company's commitment to delivering additional capacity through their flexible forward sale model.
