Greencoat Renewables, a Dublin-based company, announced the finalisation of its contract acquisition with a leading tech company that was initiated two years prior. This contract gives Greencoat Renewables partial control (50%) over South Meath Solar Farm from Statkraft, a Scandinavian energy giant, for an amount approximated to be €35 million. Their 50% stake in the farm correlates to a power output of 80.5 megawatts. The other half of the farm’s operations has been procured by Schroders Greencoat, a prominent investment manager based in London that also schedules Greencoat’s predominant wind asset portfolio.
Though an official price for the deal in 2022 has not been stated, analyst Michael Mitchell of Davy suggested it was understood to value the company’s share at around €35 million, given that the total asset was valued between €65 million and €70 million. Moreover, on Wednesday Greencoat revealed it has signed a lengthy power purchase agreement (PPA) with a leading tech provider, which essentially binds Greencoat to supply full production from the solar farm to the tech company.
Paul O’Donnell of Schroders Greencoat voiced contentment over the completion of the deal that commenced in July 2022, referring to Statkraft as a vital strategic ally. Being the most extensive operator of wind assets in Ireland, he expressed the continued dedication towards establishing PPAs with significant and renowned entities. In continuation of this endeavour, he affirmed delight in securing a long-term deal with a global tech giant.
In another marked instance this year, Greencoat confirmed an agreement with Singaporean real-estate investment trust Keppel DC REIT to supply energy to their two data centres in Dublin. Per the agreement, the Dublin 11 and Citywest centres will be provided with a yearly energy supply of up to 67 Gigawatt-hours (GWh), produced from their wind farm in Ballybane, County Cork.