Renewable energy investor Greencoat Renewables has agreed a deal to buy a Co Kerry wind farm from Cubico Sustainable Investments, a global renewable energy investor and operator.

The Cordal wind farm in Kerry consists of 28 3.2MW GE turbines that reached full commercial operations in May 2018. 

The wind farm's revenues are contracted under the Renewable Energy Feed-in Tariff (REFIT 2) scheme, which provides a long-term guaranteed minimum floor price for the electricity generated until 2032.  

The REFIT schemes were designed to ensure Ireland meets its goal of 40% of electricity coming from renewable sources by 2020. 

Today's deal is being funded by Greencoat's existing revolving credit facility and is expected to close in April, the company said.

GE will continue to manage the operations and maintenance contract of the Co Kerry wind farm after the deal is complete.