Greencoat Renewables has acquired the 20.4MW Killala community wind farm in Co Mayo for an initial sum of €37.2 million.

The project consists of five Siemens 3.4MW turbines that have been operational since July. An additional Siemens 3.4MW turbine is under construction, which will bring the installed capacity to 20.4MW by late 2020.

Construction of the additional turbine is being overseen by the existing developers, and Siemens will continue to manage the wind farm’s contract.

The acquisition is being funded by Greencoat’s €380 million credit facility.

Following the acquisition, the company’s total borrowings were 47 per cent of gross asset value, it said.

“We are pleased to announce the acquisition of Killala, adding another high-quality wind asset with long-term contracted revenues. This is our first acquisition of a community wind farm, and we are delighted that the local community will be sharing in the value created,” said investment manager Paul O’Donnell.