Greencoat buys Co Kerry wind farm; agrees €250m credit facility

Irish energy group Greencoat Renewables has acquired Dromadda More, a 36MW wind farm in Co Kerry for €88.4 million. It also said it has agreed a new €250 million revolving credit facility with five banks.

The company, which raised €270 million when it floated in London and Dublin earlier this year, said it is to buy from Impax Asset Management.

The farm, which is expected to be formally commission in March 2018, consists of 11 Vestas V112 turbines. As a newly built asset, it will benefit from a full 15 years of REFIT-2 revenues, guaranteeing a minimum floor price for the electricity produced by the asset, Greencoat said.

The company also confirmed it has now put in place a three year €250 million revolving credit facility with a syndicate of five domestic and international banks: AIB, BNP Paribas, Commerzbank, Royal Bank of Canada and Santander.

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The facility will be used to pay down the remaining €71 million of project finance debt associated with the firm’s 137MW portfolio of seed assets, finance the acquisition of Dromadda More and provide additional financial capacity for further acquisitions.

Greencoat said it may decide at some future date refinance some or all of the debt in the equity capital markets, to free up the facility for further acquisitions as required.