Greencoat Renewables announced the acquisition of 21MW Soliedra Wind Farm in Spain from Alfanar Global Development, bringing the company’s total installed capacity to 1,014MW on Thursday.
This deal marks the renewable infrastructure company’s second renewable energy acquisition in Spain.
The wind farm, which has been operating since May 2021, is located in Soria, Castilla y Leon, Spain, and consists of six GE-137 turbines. Long-term operations and maintenance will continue to be provided by GE.
The Soliedra Wind Farm is now contracted as a merchant asset, however, it has the option to contract the power produced through a corporate PPA in the future.
Greencoat Renewables’ European growth strategy is supported by this deal, which follows the company’s expansion into France, Finland, Germany, and Sweden.
Greencoat Renewables’ total borrowings will account for 40% of its Gross Asset Value following the transaction.
Paul O’Donnell, Partner at Greencoat Capital said, “We are delighted to secure such a high-quality asset from Alfanar and have sight of further value-accretive opportunities in Spain.”
“As the renewable generation market continues to develop, we expect to see greater opportunity in the unsubsidised renewables market and believe Greencoat Renewables is well positioned to benefit both across mainland Europe and in Ireland.”
Greencoat Renewables shares rose 1.5% to 117.75¢ on the acquisition of 21MW Soliedra Wind Farm in Spain.
Jamal Wadi, Managing Director, Alfanar Global Development stated, “We have been in Spain for many years now and are committed to its energy transition. This deal marks another milestone in our ambitious plans for the European markets.”