Greencoat Renewables PLC ("Greencoat Renewables" or the "Company"), announces it has completed the acquisition of a 50% stake in the 80.5MWp South Meath Solar Farm in County Meath, Ireland, from Statkraft. The transaction has been completed in partnership with funds managed by the Investment Manager, Schroders Greencoat LLP, who have acquired the remaining 50% stake.
A leading technology company has entered into a long-term PPA relating to 100% of the production of the solar farm, providing Greencoat Renewables with secure, long term cashflow. The agreement underpins the critical role that renewables have to play in powering the global acceleration of the technology sector.
Paul O'Donnell, Partner at Schroders Greencoat LLP, the Investment Manager, said:
"Having entered into a forward sale agreement in July 2022, we are pleased to further diversify our portfolio through the completion of the acquisition of the South Meath solar farm from Statkraft, a key strategic partner.
As the largest operator of wind assets in Ireland, we remain focused on delivering PPAs with large, highly reputable counterparties. As such, we are delighted to have signed a long-term agreement with one of the world's leading technology companies as part of this transaction."
