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Tipperary wind farm ‘where wind failed to blow’ sold for €70m

A wind farm in Glencarbry, Co Tipperary, put up for sale two years ago because its owner John Laing said the wind there blew less strongly than anticipated has been sold to Greencoat Renewables.

Greencoat said it had bought the wind farm of 12 turbines which were first installed in 2017, which will generate power at a minimum price for 15 years under a Government incentive to build wind farms. It gave no price but the acquisition is estimated at €70m.

The Irish Examiner reported in August 2019 that John Laing chief executive Olivier Brousse had told analysts it was taking a multi-million writedown on the wind farm at Glencarbry and others in Germany because it estimated that the wind would blow less and generate less power over the next 10 to 15 years than it once thought.

Mr Brousse had said at the time that the wind had been “quite subdued” in Germany and Ireland in 2019. The comments perplexed other wind producers here at the time.

Greencoat said the purchase of the 35.6Mw Tipperary wind farm increases its capacity to 685.6Mw.

“We are pleased to continue our strategy of consolidating the Irish renewable energy market with the acquisition of Glencarbry wind farm, another high-quality asset with long-term contracted revenues,” Greencoat investment manager Paul O’Donnell said.