Renewable energy investor Greencoat Renewables has agreed a deal to buy Co Tipperary-based An Cnoc Wind Farm and also announced the closing of a new €200m term loan.
An Cnoc Wind Farm consists of five Enercon E70 turbines that have been operational since March 2018.
The wind farm's revenues are contracted under the REFIT 2 scheme, which provides a long-term guaranteed minimum floor price for the electricity generated until 2032. Enercon will continue to manage the operations and maintenance contract.
Greencoat said today's deal is being funded by its existing credit facility. Following completion of the deal, it said its total borrowings will represent 45% of Gross Asset Value.
It also said it had agreed a €200 million five-year term loan with a syndicate of three banks, Commonwealth Bank of Australia, National Australia Bank and Natwest.
The term loan will be used to pay down some of the existing revolving credit facility.
Greencoat said that over time and in line with its strategy, it may add additional term loan facilities in order to more efficiently maintain its long-term target leverage.
