Greencoat Renewables to develop Finnish windfarm in massive €60m deal

This will be the first transaction in the Nordic market for the renewable infrastructure company.

Greencoat Renewables, which is headquartered in Dublin is a renewable infrastructure company, which is acquiring a windfarm in Finland for approximately €60m.

The Kokkoneva windfarm is currently under construction in Siikalatva, Finland, and commercial operations are expected to commence in the second quarter of 2022. The transaction will only be completed once the development is fully operational.

Abo Wind will finance and manage the construction of the windfarm and will provide operational management services once it is operational. It is a subsidy-free windfarm and has entered a 10-year fixed-price power purchase agreement (PPA) with Gasum, Finland’s state-owned gas utility, for the majority of the electricity generated.

Greencoat said that this deal, which marks the company’s first transaction in the Nordic market, is line with its European expansion strategy.

Last December, Greencoat Renewables raised €125m in a share placing. The company said net proceeds would be used to refinance its revolving credit facility to take advantage of more than €500m worth of acquisition opportunities in Ireland and other target European countries.

The company announced back in December 2020 that it would buy two new windfarms here in Ireland , located in Co Offaly and Co Cavan, when they become operational next year.

Source : Silicone Republic