Greencoat Renewables PLC (LON:GRP) is to acquire the Cloghan and Taghart wind farms in Ireland from Statkraft for EUR123mln.

Construction of the wind farms is scheduled to begin shortly, with the acquisition due for completion once each wind farm is fully operational, expected in late 2022.

The assets have been acquired under a forward sale model.

Cloghan, which will have a production capacity of 37.8 megawatts (MW), is located in County Offaly, and Taghart (25.2MW) is located in County Cavan.

Statkraft will manage the construction of each wind farm and will continue to provide trading and operational management services for the wind farms once operational.

Both wind farms benefit from 15-year fixed-price contracts, secured under the recent RESS 1 auction. The London-listed renewable infrastructure investor said this is the first Greencoat Renewables acquisition supported by the Irish government’s RESS scheme.

“Securing our first assets under RESS is an important milestone for us as the RESS auctions will continue to support the growth of the Irish renewables market. We expect this combination of contracted revenues and forward-purchases to become commonplace in both Ireland and Europe over the next few years, and we believe Greencoat Renewables is well-positioned given our scale and the strength of our relationships,” said Paul O’Donnell, a partner at Greencoat Capital, which is Greencoat Renewables’ investment manager.

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