Greencoat Renewables has agreed to sell a 116-megawatt (MW) portfolio of Irish onshore wind assets to Norwegian investment firm HitecVision for €156 million, as part of a broader effort to optimise its capital allocation and enhance financial flexibility.
The portfolio includes full ownership of five wind farms with a combined capacity of 65.7MW and a 50% stake in one of Ireland’s largest privately held onshore wind farms, which has a total capacity of 100MW. All six wind farms are operational and located in the Republic of Ireland.
“This transaction reflects the disciplined execution of our capital allocation strategy, unlocking value from our portfolio and further enhancing our financial strength,” said Paul O’Donnell, partner at Schroders Greencoat LLP, which manages Greencoat Renewables. “In the last six months, we have successfully executed disposals that total more than €200 million of gross proceeds, delivering value above our original investment.”
O’Donnell added that the company continues to see “significant opportunities in the growing European renewable market” and noted that the transaction supports the firm’s ability to extract further value from older assets through initiatives such as re-contracting power purchase agreements, hybridisation, and repowering.
The acquisition has led to the formation of a new Irish renewable energy platform, Lirion Power, which will be seeded with the purchased assets. Lirion Power is a joint venture between HitecVision, holding a 70% stake, and energy transition investment firm Reinova Partners, which owns the remaining 30%.
“This launch represents a significant milestone in our strategy of building profitable growth-focused companies in support of the European energy transition,” said Erlend Basmo Ellingsen, chief executive and managing partner at HitecVision. “Ireland combines world-class wind resources, rising electrification and clearly defined growth targets for renewable energy.”
Lirion Power plans to expand through the acquisition of mid-life onshore wind projects and greenfield developments, aiming to enhance value through co-location of new renewable technologies, re-contracting, and long-term repowering.
The portfolio benefits from established grid connections and existing offtake agreements, positioning it for potential integration with solar and battery energy storage systems (BESS).
