Irish renewable energy firm acquires Mayo windfarm for €37.2m

Greencoat Renewables have acquired Killala Community Wind Farm in County Mayo for €37.2m.

Further proceeds will be payable once another turbine on the wind farm becomes operational.

The additional Siemens 3.4MW turbine, which is currently under construction, will bring the windfarm capacity to 20.4MW and is expected to be completed by the end of next year.

Project revenues are contracted under the Renewable Energy Feed-in Tariff 2 scheme, which provides a minimum guaranteed floor price for generated electricity until 2032.

The acquisition of Killala Community Wind Farm is funded by Greencoat's €380m credit facility.

Investment manager at Greencoat, Paul O'Donnell, said: "We are pleased to announce the acquisition of Killala, adding another high-quality wind asset with long-term contracted revenues.

This is our first acquisition of a community windfarm and we are delighted that the local community will be sharing in the value created."