Greencoat Renewables has completed the sale of a 116 MW portfolio of onshore wind farms in Ireland to HitecVision for €156mn ($168mn). The transaction includes full ownership of five assets totalling 65.7 MW, along with a 50% stake in one of the company’s largest portfolio projects.
This deal forms part of Greencoat Renewables’ asset rotation strategy aimed at optimising capital allocation. Paul O’Donnell, Partner at Schroders Greencoat LLP, stated that the company has divested over €200mn ($215mn) in assets over the past six months, delivering returns exceeding the original investments.
Lirion Power: new platform established following the acquisition
Following the transaction, HitecVision announced the launch of a new renewable energy platform, Lirion Power, in partnership with Reinova Partners. The joint venture will be 70% owned by HitecVision and 30% by Reinova Partners, with the acquired Greencoat portfolio serving as its operational foundation.
Lirion Power plans to grow by targeting acquisitions of mid-life onshore wind assets, leveraging value creation through Power Purchase Agreement (PPA) re-contracting, repowering, and co-location with new solar or Battery Energy Storage Systems (BESS) projects.
A portfolio grounded in a stable regulatory framework
The portfolio consists of six operational wind farms across the Republic of Ireland, including a 50% stake in a 100 MW site, one of the country’s largest privately held onshore wind projects. The assets benefit from firm grid connections and existing power offtake agreements.
Erlend Basmo Ellingsen, Chief Executive Officer and Managing Partner at HitecVision, noted that Ireland offers a favourable environment for the development of renewable infrastructure due to high-quality wind resources, increasing electricity demand and clearly defined national energy targets.
