State-backed windfarm operator Greencoat Renewables will consider certain mainland European investments next year, but is to predominantly keep its investment focus on onshore Ireland for the foreseeable future.
The company has an agreement with its largest independent shareholder, the Ireland Strategic Investment Fund, not to invest in any offshore or overseas projects until 2019.
“The focus will remain on onshore wind assets in Ireland where we continue to see opportunities for secondary wind assets.
“Furthermore, with the announcement of the renewable energy support scheme, and the expected growth in Irish renewables to be deployed from 2020 onwards, we have very positive outlook on further growth opportunities in Ireland,” said Greencoat director Paul O’Donnell.
“We will consider specific continental European opportunities from the second half of 2019 onwards but continue to expect growth to be primarily Irish-led,” he said.
Greencoat has acquired two windfarms, in Cork and Tipperary, from BlackRock Real Assets for €88m, with the transaction set to close before the end of the month and payable from the company’s existing revolving credit facility.
In September, Greencoat paid up to €281m to acquire State-backed forestry company Coillte’s stakes in three windfarms.
Greencoat will now have 400MW of wind-generated power under its management, equating to more than 10% of the Irish windfarm market.