Renewable energy fund manager Glennmont Partners has completed the sale of its 20-MW Gortahile wind farm in Ireland to Greencoat Renewables PLC.
The wind farm in County Laois, central Ireland, is powered by eight Nordex N90 turbines and increases Greencoat's production capacity to 431 MW, the company had previously said in a filing to the London Stock Exchange on Sept. 12.
Financial terms of the deal, which was first announced on Sept. 11, were not disclosed. Nordex will continue to manage the operations and maintenance of the wind farm, which was commissioned in 2010.
The acquisition will be funded by Greencoat's €380 million credit facility. The completion of the deal brings the company's total borrowings to 46% of its gross asset value.
"Glennmont Partners has been an active investor in the Irish wind market for a number of years and this divestment from Clean Energy Fund I further underlines our ability to deliver value from our assets," said Francesco Cacciabue, partner and CFO at Glennmont.
The company has more than €2 billion in assets under management. In June, Glennmont raised €850 million for its third clean energy fund, which it will use to invest in renewable energy projects across the European Economic Area.
Greencoat Renewables is managed by Greencoat Capital LLP.
