Coillte has announced a deal to sell its wind farm assets to Greencoat Renewables for an equity price of €136.1m.
This is above an original target price of €125m and Coillte said this reflected the exceptional quality of the wind farms.
The assets comprises Coillte's 50% stake in each of its joint venture wind farms at Raheenleagh in Co Wicklow, Cloosh Valley in Co Galway and Castlepook in Co Cork as well as 25% stake in Sliabh Bawn in Co Roscommon.
In total the windfarms have a net operating capacity of 105.1 megawatts.
Over the past four years, Coillte has invested €25m in developing the wind farms with its partners - ESB, SSE and Bord na Móna.
While Coillte is selling its stakes in the wind farms it is retaining ownership of the land on which they are sited and this will be a source of significant ongoing income for the company.
It also said the proceeds of the sale will be recycled back into the business with a focus on its core forestry activities, co-funding of new wind development opportunities and other strategic opportunities that will enhance the overall value of the group.
Fergal Leamy, Coillte's chief executive, said the company had a very competitive process attracting the very best of domestic and international interest from leading players in the sector.
"We are very pleased that the price achieved has exceeded our original target," the CEO said.
"This sale clearly demonstrates the value we can create from every hectare of land we own to ultimately deliver enhanced value to our shareholder," he added.
Greencoat Renewables said the deal, which is expected to be completed by November 2018, will be funded by its existing revolving credit facility.
Bertrand Gautier, a Partner at Greencoat Capital, said the company was delighted with the investment into one of "Ireland's premier infrastructure portfolios, and alongside some of the country's most experienced and trusted utilities".
"As a strategic scale asset, this is another example of our ability to find value across the entire market, and allows Coillte to recycle its capital to build out their significant development portfolio," he added.
