Greystone Infrastructure Fund acquires Irish wind farm
The Greystone Infrastructure Fund has announced its acquisition of a 51% equity interest in the 24.2 MW Ballycadden Wind Farm Ltd. located in southeastern Ireland from a private equity fund managed by UK-based Impax Asset Management Group PLC.
Under the terms of the agreement, Greystone will have a majority ownership interest representing a 51% stake in the operating asset. The remaining 49% ownership will continue to be held by the existing Irish minority shareholders consisting of local land owners.Operational since 2013, the asset has demonstrated strong performance and is highly beneficial to the diversification of the Greystone portfolio.
The asset will be managed by Greystone’s infrastructure team, led by Jeff Mouland in Toronto, Ontario.
The transaction achieved all customary closing conditions, including receiving all regulatory approvals, and reached financial close on January 12, 2016.
KPMG completed the financial due diligence and served as tax and valuation advisors. A&L Goodbody served as legal advisor to Greystone.
Jeff Mouland, Head of the Greystone Infrastructure Fund, stated:
“This acquisition represents Greystone’s inaugural investment in the European market and provides our institutional investors with a unique opportunity to gain long-term exposure to the European renewable energy sector. Furthermore, the transaction enhances Greystone’s European presence and accelerates the firm in our pursuit of other high quality assets in Ireland and across Europe on behalf of our investors.”
