Greencoat Renewables has bought the Killala Community Wind Farm in Co Mayo for €37.2m.
The company said that further proceeds will be paid once a new turbine is added to the farm, which will bring its output to 20.4 mega watts.
The project currently consists of five Siemens 3.4MW turbines that have been operational since July.
Greencoat Renewables said the deal is being funded by its €380m credit facility.
"We are pleased to announce the acquisition of Killala, adding another high-quality wind asset with long-term contracted revenues," commented Paul O'Donnell, the company's investment manager.
"This is our first acquisition of a community windfarm and we are delighted that the local community will be sharing in the value created," Mr O'Donnell said.