The South Meath Solar Farm. Image: Greencoat Renewables
The energy investor has also entered into a long-term power purchase agreement with a ‘leading technology company’ to provide all of the solar farm’s energy in exchange for a secure cashflow.
Dublin-headquartered energy investor Greencoat Renewables has moved further into the solar sector, by acquiring a 50pc stake in a Meath solar farm.
Greencoat confirmed that it completed the 50pc acquisition of the 80.5MWp South Meath solar farm from Statkraft. This deal was done in partnership with funds managed by investment manager Schroders Greencoat LLP, which has acquired the remaining 50pc stake. Schroders manages Greencoat Renewables.
The Dublin-based investor says a “leading technology company” has entered into a long-term power purchase agreement – or PPA – relating to 100pc of the solar farm’s production. The investor says this deal will give it access to a secure, long-term cashflow.
“Having entered into a forward sale agreement in July 2022, we are pleased to further diversify our portfolio through the completion of the acquisition of the South Meath solar farm from Statkraft, a key strategic partner,” said Paul O’Donnell, partner at Schroders Greencoat LLP.
“As the largest operator of wind assets in Ireland, we remain focused on delivering PPAs with large, highly reputable counterparties. As such, we are delighted to have signed a long-term agreement with one of the world’s leading technology companies as part of this transaction.”
Greencoat has been largely focused on the wind sector in recent years. Last October, the company doubled its stake in a Butendiek offshore windfarm near Germany, at a cost of roughly €168m.
In April 2021, Greencoat acquired the Glencarbry windfarm in Co Tipperary, while in February of the same year it entered the Nordic market by acquiring a Finnish windfarm for around €60m.
In April 2022, it struck a deal to acquire 50pc of German offshore windfarm Borkum Riffgrund 1. The acquisition was announced days after Greencoat raised €281.5m in an oversubscribed round to fund investment plans in Ireland and continental European markets.
The company has made some other investments into solar energy, however. In August 2023, the Dublin company further expanded its presence in the European market with the acquisition of the 50MW Andella wind farm in Spain. This deal coincided with the close of an earlier acquisition of the 50MW Torrubia solar farm in Spain.
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