Ireland-based Greencoat Renewables has announced the acquisition of two wind farms from Starkraft under a forward sale model for Euro 123 million. The first of them is the Cloghan wind farm with a capacity of 37.8 MW which is located in the county of Offaly. The second is the Taghart wind farm located in the county of Cavan. Starkraft will manage the construction of each wind farm and will also offer trading and operational management services once they are commissioned. Construction of the wind farm is set to begin soon and could be commissioned by the end of 2022.
The two wind farms benefit from 15-year fixed-price contracts which were secured under the RESS 1 auction. This also marks the first acquisition by Greencoat renewables which is supported by Ireland’s RESS scheme. Greencoat expects the combination of contracted revenues and forward-purchases to become increasingly adopted across Ireland and Europe in coming years.
Greencoat Renewables owns and operates renewable infrastructure energy assets in Europe and has invested in wind farms across the Republic of Ireland. Excluding the current acquisition, the company’s renewable portfolio includes wind farms in Ballybane, Beam Hill, Cloosh Valley, Garranereagh, Glanaruddery, Gortahile, Killala, Killhills, Knockacummer, Knocknalour, Lisdowney, Monaincha, Raheenleagh, Sliabh Bawn, and Tullynamoyle 2 in Ireland with a cumulative capacity of 462MW.