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Greencoat Renewables boosts its portfolio with Irish wind farm

Together with the acquisition of the 11.5MW An Cnoc wind farm, the firm announced the closing of a new €200 million term loan

Greencoat Renewables PLC, an investor in renewable energy infrastructure assets, has announced the acquisition of an Irish wind farm and the closing of a new €200 million (£180m) term loan.

The 11.5MW An Cnoc wind project is located in Tipperary and consists of five wind turbines that have been operational since March 2018.

The company said the wind farm’s revenues are contracted under the Renewable Energy Feed-In Tariff 2 (REFIT 2) scheme, which provides a long-term guaranteed minimum floor price for the electricity generated until 2032.

The five-year term loan is with a syndicate of three banks – the Commonwealth Bank of Australia, National Australia Bank and Natwest.

Bertrand Gautier, Partner at Greencoat Capital, said: “We have now established a new term loan facility with a syndicate of three relationship banks to provide depth to our capital structure in line with our leverage strategy. We are very pleased with the terms of the facility, and the acquisition flexibility that it will provide.

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