Impax Asset Management, the London-based specialist investor, today announced that a fund managed by Impax has completed the sale of a 51 per cent stake in Ballycadden Wind Farm, near County Wexford, Ireland to the Greystone Infrastructure Fund, a Toronto-based infrastructure investor owned by Greystone Managed Investments Inc., one of Canada’s largest institutional money managers.
The Wind Farm has an installed capacity of 24 MW and is powered by nine Enercon turbines which were connected to the grid during the first half of 2013. The acquisition represents the Fund’s inaugural investment in the European market and provides its institutional investors with an opportunity to gain long-term exposure to the European renewable energy sector.
“We are very pleased to be adding this investment to our infrastructure portfolio and are actively pursuing other high quality assets in Ireland and across Europe on behalf of our investors. We look forward to managing the Ballycadden business with our shareholder partners,” said Jeff Mouland, Head of the Greystone Infrastructure Fund.
Ryan Cameron, Director at Impax, commented, “Impax has enjoyed its working relationship with the incumbent minority shareholders and is pleased to pass on a high performing wind farm to Greystone. Impax is currently constructing a number of projects in Ireland and remains committed to developing and building out its project pipeline throughout the period to 2020 and beyond.”
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The parties have agreed not to disclose the terms of the transaction.
Impax’s legal adviser to the transaction was Eversheds. A&L Goodbody served as legal adviser to Greystone.