Neoen completes acquisition of 53.4 MW of wind projects in Ireland

Neoen has announced the acquisition of eight wind farms in operation in Ireland, with a total capacity of 53.4 MW. Neoen is acquiring full ownership of these assets, which were previously owned by the Irish Infrastructure Fund, co-managed by AMP Capital and Irish Life Investment Managers, and Energia Group, which held a minority stake, for a total amount of EUR25.8 million (US$29 million) settled in cash. This represents an enterprise value in the range of EUR46 million (US$51 million).

The wind farms were commissioned between 1998 and 2012. They are situated at eight high-quality locations possessing very attractive wind resources. The electricity generated by these assets is currently sold under power purchase agreements. As these contractual commitments gradually expire over the coming years, Neoen will be able to negotiate fresh commercial arrangements, leveraging its considerable expertise in this area.

Furthermore, Neoen believes that there will be a promising repowering potential for the oldest of these assets, in order to better tap the wind resources.