Greencoat closes buy of 80.5-MWp Irish solar park, seals PPA

Irish renewable infrastructure company Greencoat Renewables Plc (LON:GRP) said today it has wrapped up the acquisition of a 80.5-MWp solar park in Ireland, along with partnership funds, and announced the signing of a power offtake deal.

Greencoat Renewables has bought a 50% interest in the project, while the remaining 50% was acquired together with funds managed by Greencoat’s investment manager Schroders Greencoat LLP. Financial details about the transaction were not available.

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The South Meath Solar Farm in County Meath was sold by Norwegian power utility and developer Statkraft A/S. The scheme was originated by Lightsource and permitted in 2018. The Norwegian group became its owner in 2020.

Along with the change of ownership, Greencoat announced a long-term power purchase agreement (PPA) covering the photovoltaic (PV) farm’s entire generation. The offtaker is a “leading technology company,” whose name was not specified.