Wind farm operator Greencoat Renewables has agreed a deal to buy the Monaincha and Garranereagh wind farms from BlackRock Real Assets for €88m.
Monaincha wind farm, in Co Tipperary, consists of 15 Nordex N117 turbines with a total capacity of 36MW.
Garranereagh wind farm is located in Co Cork and consists of four Enercon E82 turbines with a total capacity of 9.2MW.
The company said the deal is in line with its investment policy and will be made using its revolving credit facility of €380m.
The deal is expected to close by the end of this month.
"In Monaincha and Garranereagh, BlackRock has developed two high-quality assets, both benefiting from high load factors, and a long REFIT life extending to the end of the 2020s," commented Bertrand Gautier, a partner at Greencoat Capital.
In a research note, Davy's noted that Greencoat Renewables has had a successful year in 2018 - acquiring about 265MW in the past 12 months.
"With 400MW under management, it now represents over 10% of the Irish market.
"Further, it has developed a number of strategically valuable relationships, BlackRock being the latest, which will likely present additional opportunities over time, both at home and in Europe," the stockbrokers added.
