18 December 2020
McCann FitzGerald Advises Greencoat Renewables on its Agreement to Acquire Windfarms in Offaly and Cavan
We advised Greencoat on its agreement, under a forward sale model, to acquire two windfarms from Statkraft for a combined consideration of €123m. The agreement relates to the Cloghan windfarm (37.8 MW) in County Offaly and the Taghart windfarm (25.2MW) in County Cavan.
Both windfarms benefit from 15-year fixed price contracts, secured under the recent Renewable Energy Support Scheme 1 (RESS 1) auction. This is the first Greencoat acquisition supported by the government's RESS scheme.
Construction of the windfarms is due to begin shortly and the acquisition will complete once each windfarm is fully operational. This is expected to occur in late 2022.