Greencoat Renewables has purchased Coillte's operating wind farm assets for an enterprise value of €281 million.

The asset sale comprises Coillte's 50% stake in each of its joint venture wind farms at Raheenleagh, Cloosh Valley and Castlepook and a 25% stake in Sliabh Bawn. In total the assets represent a net operating capacity of 105.1MW on an equity basis.

On its future outlook, the Coillte is planning to develop a pipeline of future renewable energy projects with a strategic partner, while retaining ownership of the underlying land. The company's estate could potentially unlock as much as 1,000MW of renewable energy generating capacity by 2030, representing in excess of 25% of the future renewable energy targets that will be needed to power homes and businesses across Ireland.

-- Advertisement --

Fergal Leamy, Chief Executive of Coillte, said: "Today's announcement demonstrates the exceptional quality of the renewable energy assets which we have developed over the last four years.

"We have had a very competitive process attracting the very best of domestic and international interest from leading players in the sector and we are very pleased that the price achieved has exceeded our original target. Greencoat Renewables plc has an excellent track record and expertise in the sector and has established a strong presence in Ireland. This sale clearly demonstrates the value we can create from every hectare of land we own to ultimately deliver enhanced value to our shareholder.

"The proceeds from the sale will be reinvested in the business to generate more value and to enhance the overall value of the Group. Over the coming months we will announce details of how we plan to develop in excess of 1,000 MW of renewable energy generating capacity over the next 10 years across a pipeline of 25 projects we have identified on the Coillte estate."

Bertrand Gautier, Partner at Greencoat Capital, said: "We are delighted with this investment into one of Ireland's premier infrastructure portfolios. As a strategic scale asset this is another example of our ability to find value across the entire market and allows Coillte to recycle its capital to build out their significant development portfolio. We look forward to deepening our strategic partnership with Coillte."

(LM)