Greencoat Renewables makes maiden Irish solar acquisition

Greencoat Renewables makes maiden Irish solar acquisition

Published: 19 Jul 2022, 13:07

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The South Meath Solar Farm was previously owned by Lightsource BP. Image: Lightsource BP.

Investor Greencoat Renewables has made its first solar acquisition in Ireland, agreeing to acquire an 80.5MWp project from Statkraft.

Greencoat confirmed the deal in a statement to the market yesterday, stating that it was acquiring a 50% stake in the asset with the remaining 50% being acquired in partnership with a pension fund, however that investment was being made through a fund also managed by Greencoat Capital.

The project in question is the 80.5MWp South Meath Solar Farm in County Meath, Ireland, which is currently under construction.

It is expected to enter commercial operations in Q4 2023.

Statkraft is to finance and manage construction of the solar array and will remain as the management services provider once it is operational.

Greencoat stated that the deal is structured under a forward sale model and, as such, will only complete once the project is fully operational.

Statkraft has maintained a firm interest in the Irish solar market and in August last year picked up around 276MWp of solar contracts within the country’s first Renewable Electricity Support Scheme auction.

It then picked up a 275MW portfolio of solar projects in Ireland from Lightsource BP, including a the South Meath Solar Farm that Greencoat will acquire.  

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