Greencoat Renewables take stake in Cavan wind farm

Renewable energy investor Greencoat Renewables has completed a deal to purchase a 50 per cent stake in the 20.5MW Carrickallen wind farm development.

The remaining 50% of the wind farm will continue to be owned by the Stradone-based Galetech Group, which was established in 1997 by local entrepreneurs Darren Sherry and Herman Buschotts.

Carrickallen wind farm, located close to the Mountain Lodge/Bindoo wind farms, consists of 10 Senvion turbines and has been operational since January 2019.

The acquisition is being funded by the Greencoat's existing credit facility.

The wind farm's revenues are contracted under the REFIT 2 scheme. This provides a long-term guaranteed minimum floor price for the electricity generated until 2032.

Siemens will continue to manage the operations and maintenance contract for the wind farm site.

The acquisition brings Greencoat Renewables' portfolio of operational wind assets to an aggregate capacity of 538MW.

Greencoat Renewables last year purchased the Killala Community Wind Farm in County Mayo, a five 3.4MW turbine development, also owned by Gaeltech.