Greencoat Renewables has announce a deal to buy windfarms in Co Offaly and Co Cavan for a total of €123m from Statkraft.
The Cloghan windfarm is in Co Offaly and the Taghart windfarm is in Co Cavan.
Statkraft will manage the construction of each wind farm and will continue to provide trading and operational management services for the wind farms once operational in two years time.
Both wind farms benefit from 15-year fixed price contracts, secured under the recent Renewable Electricity Support Scheme (RESS) auction.
This is the first Greencoat Renewables acquisition supported by the Government's RESS scheme.
Paul O'Donnell, Partner at Greencoat Capital, the Investment Manager, said that securing its first assets under RESS is an important milestone for the company as the RESS auctions will continue to support the growth of the Irish renewables market.
"We expect this combination of contracted revenues and forward-purchases to become commonplace in both Ireland and Europe over the next few years, and we believe Greencoat Renewables is well positioned given our scale and the strength of our relationships," Mr O'Donnell added.
McCann FitzGerald advised Greencoat Renewables on today's deal.
