Renewable energy investor Greencoat Renewables has agreed to buy the South Meath Solar Farm from Statkraft.
Greencoat Renewables will buy a 50% stake in the asset.
The remaining 50% will be acquired in partnership with a pension fund, investing through a fund also managed by Greencoat Capital LLP.
The solar farm is currently being built and once completed will deliver 80.5MWp of power to the grid.
It is expected that operations will be being around the end of next year.
"The transaction is structured under a forward sale model and will only complete once the solar farm is fully operational," the company said.
"Statkraft will finance and manage the construction of the solar farm and will continue to provide management services once operational."
Details of how much Greencoat Renewables will pay have not been disclosed but stockbroker Davy said it understands the total consideration for 100% of the asset will be in the region of €65-70m.
It is the first time Greencoat Renewables has co-invested alongside another Greencoat Capital vehicle.
Davy said the transaction provides the group with potentially interesting exposure and optionality, and in a 'risk-light' manner.
"Further, it is consistent with several other strategic objectives — it extends its contracted cashflow profile via another RESS asset and allows it to continue to consolidate the Irish market in a ‘technology-balanced’ fashion," it said.
