Tullahennel wind farm was purchased by Greencoat Renewables from funds controlled by Apollo Global Management affiliates.
The wind farm, which has been active since September 2018, is located in County Kerry, Ireland, and consists of 13 GE 2.85MW turbines.
The REFIT 2 programme guarantees a long-term guaranteed minimum floor price for electricity generated until December 2032, therefore the wind farm’s revenues are guaranteed.
The operations and maintenance contract will be managed by GE. The company’s existing credit facility is being used to fund the transaction.
Greencoat Renewables’ total borrowings will account for 43 percent of its Gross Asset Value following the transaction.
Paul O’Donnell, a Greencoat investment manager, remarked “We are pleased to continue consolidating the Irish renewable energy market with the acquisition of another high-quality asset with long-term contracted revenues.”
“We are encouraged by the range of attractive opportunities that exist, both in Ireland and the wider European market and are focused on building the premier European renewable energy portfolio which offers strong secure long-term income for shareholders.”