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Neoen acquires eight windfarm portfolio in Ireland
Real Estate - AUGUST 2, 2019

Neoen acquires eight windfarm portfolio in Ireland

by Kali Persall

French independent renewable energy producer Neoen is paying €25.8 million ($28.6 million) in cash for a portfolio of eight wind farms in Ireland, according to media sources.

The assets, which have a capacity of 53.4 megawatts, were purchased from the Irish Infrastructure Fund, co-managed by AMP Capital and Irish Life Investment Managers, and minority shareholder Energia Group, according to S&P Global.

The wind farms have a total enterprise value of €46 million ($50 million).

Output from the wind farms is currently sold under power-purchase agreements and offer significant repower potential. When the existing power-purchase agreements expire, the company plans to negotiate new deals.

The wind farms are expected to generate around €5 million ($5.6 million) of EBITDA annually, without accounting for optimization or repowering potential, according to Neoen.

The assets are reportedly Neoen’s first operational assets in Ireland.

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