Brookfield Reaches Financial Close on Two Irish Wind farms

Mitsubishi UFJ Financial Group (MUFG) recently supported Brookfield Renewable in its EUR 88 million financing of a portfolio of two onshore wind farms in Ireland. The transaction adds to Brookfield's growing European renewable platform with 1,018 MW of operating capacity.

MUFG acted as Mandated Lead Arranger, Hedge Provider and Security and Facility Agent for the transaction. The financing of this greenfield project demonstrates MUFG's commitment to Ireland.

Alongside MUFG, senior financing was provided SMBC and Export Development Canada.

Brookfield Renewable, a highly experience owner, operator and developer in the Irish renewable market, has been developing this 47 MW portfolio since August 2016.

The portfolio consists of Slievecallan East project (27.5MW) using Nordex 2.5 MW turbines and Ballyhoura wind farm (19.2MW) using Siemens 3.2 MW turbines.

Completion of Slievecallan and Ballyhoura is expected by the end of the first quarter of 2018. Both wind farms will be eligible to receive the Renewable Energy Feed in Tariff 2, which ensures an index-linked, price certain tariff (currently c. €80/MWh) for a maximum period of 15 years post construction.

Carol Gould, Managing Director, Head of Power & Renewables Structured Finance team in EMEA, said:

“The combined output from these two wind farms will generate power for approximately 23,000 homes annually. This strategic transaction builds on the significant track record that we've built up in financing wind farms. We're delighted to have participated to this transaction in the Irish market and are looking forward to playing a role in the financing of similar opportunities in the coming years."