Greencoat Renewables has agreed to acquire the 36MW Dromadda More wind farm in County Kerry from Impax.  The 11-turbine wind farm is currently being energised and is expected to be commissioned in March 2018, at which point the acquisition will complete at a price of €88.4 million.

Announcing the acquisition, Greencoat said it had plans for acquisitions in the secondary wind market totalling €95 million.  This will be funded via a three year €250 million revolving credit facility, which has been agreed with a syndicate of five banks: AIB, BNP Paribas, Commerzbank, Royal Bank of Canada and Santander.

The facility will be used to pay down the remaining €71 million of project finance debt associated with Greencoat Renewables’ 137MW portfolio of seed assets, finance the acquisition of Dromadda More and provide  capacity for further acquisitions, Greencoat said.