Greencoat Renewables acquires 50pc stake in South Meath Solar Farm

7th Aug 2024 12:31

(Sharecast News) - Greencoat Renewables announced on Wednesday that it has completed the acquisition of a 50% stake in the 80.5MWp South Meath Solar Farm, in County Meath, Ireland.

The AIM-traded firm said the acquisition was made in partnership with funds managed by Schroders Greencoat LLP, which acquired the remaining 50% stake from Statkraft.

It said an unnamed "leading technology company" had entered into a long-term power purchase agreement (PPA) for 100% of the solar farm's production.

The board added that the acquisition aligned with the company's strategy of investing in high-quality renewable energy assets to support sustainable growth and energy transition efforts.

"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," said Paul O'Donnell, partner at the investment manager Schroders Greencoat LLP.

"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."

At 1150 BST, shares in Greencoat Renewables were up 1.1% at 0.92p.

Reporting by Josh White for Sharecast.com.