The Andella wind farm is the Irish listed company’s third acquisition in the Spanish market as it focuses on European expansion.
The value of the deal was not disclosed, with the transaction expected to be completed when the wind farm is fully operational.
The 50 megawatt (MW) farm is currently under construction, with operations expected to commence in the second quarter of next year.
It will consist of 10 Siemens Gamesa 5MW turbines.
Davy analyst Michael Mitchell said that the acquisition “demonstrates the group’s ability to keep growing despite the less certain capital markets environment.”
“It represents further expansion into Continental Europe and growth in the key Spanish market (now 8pc of its pro forma portfolio),” he added.
Separately, the Irish company has also completed the acquisition of the 50MW Torrubia solar park in Zaragoza, Spain.
This deal was first signed in December 2020 under a forward sale commitment from Lightsource BP, who built the wind farm.
Greencoat Renewables now has operations in a number of European markets, including Germany, France, Finland and Sweden.
Greencoat’s total borrowings remain now 47pc of gross asset value. The company has been focused on acquisitions, committing approximately €1bn to new assets in the year to January 2023.
"The combination of low-cost renewable energy and a well-developed Corporate PPA [power purchase agreement] market makes Spain a very attractive target for renewable energy investment,” Paul O’Donnell, partner of investment manager Schroeders Greencoat, said.
"As the renewable generation market continues to develop, we expect to see greater opportunity for unsubsidised renewables and believe Greencoat Renewables is well positioned to benefit from this growing opportunity.”
