Greencoat to buy Laois wind farm from UK fund

Dublin-listed energy investor Greencoat Renewables is buying an Irish wind farm from UK fund, Glennmont Partners.

Greencoat said on Wednesday that it had agreed to buy Gortahile wind farm, Co Laois, which produces enough electricity to power about 20,000 family homes, from Glennmont, in a deal due to close next week.

Neither side revealed the price, but the eight-turbine wind farm, which benefits from price supports funded by homes and employers, would have cost about €40 million to build. Gortahile began supplying power in 2010.

Glennmont chief financial officer, Francesco Cacciabue, said the deal underlined the company's ability to get value from its assets.

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Greencoat is paying for the wind farm from a €380 million loan that its bankers have agreed to provide the company.

In a recent deal, Greencoat paid Airtricity €34.5 million for a share in Cloosh Valley wind farm, Co Galway, that amounted to 27 megawatts – or €1.2 million for every megawatt.

Glennmont also owns Gruig wind farm near Ballymena in Co Antrim. The UK company recently raised €850 million which it intends investing in renewable energy projects.

Greencoat does not build wind farms or other renewable energy plants. Instead it buys facilities that are already supplying electricity. Last year it paid State forestry company Coillte €136 million for its stake in four wind farms.

The company’s investment manager, Paul O’Donnell, said on Wednesday that Greencoat was eyeing other likely deals in the Republic. It is due to publish results for the first six months of this year on Thursday.