Greencoat Renewables PLC ("Greencoat Renewables” or “the Company”), the renewable infrastructure company invested in euro-denominated assets, is pleased to announce the agreement to acquire Cordal wind farm from Cubico Sustainable Investments, a global renewable energy investor and operator.
The wind farm is located in Co. Kerry, Ireland, and consists of 28 3.2MW GE turbines that reached full commercial operations in May 2018. The wind farm’s revenues are contracted under the REFIT 2 scheme, providing a long-term guaranteed minimum floor price for the electricity generated until 2032. GE will continue to manage the operations and maintenance contract.
The acquisition is being funded by the Group’s existing revolving credit facility and is expected to close in April 2021. Following the acquisition, Greencoat Renewables’ total borrowings will represent c.46% of Gross Asset Value.