Paul O’Donnell, partner at Schroders Greencoat LLP, stated: “This transaction reflects the disciplined execution of our capital allocation strategy, unlocking value from our portfolio and further enhancing our financial strength.” He noted that Greencoat Renewables has secured over €200 million in gross proceeds from disposals in the past six months, surpassing initial investment values. O’Donnell added: “We continue to see significant opportunities in the growing European renewable market for Greencoat Renewables to create value for its shareholders.”
The sale supports Greencoat’s strategy to optimize its portfolio while maintaining flexibility for future investments. The disposed assets offer potential for re-contracting power purchase agreements, hybridisation, and repowering, aligning with Europe’s expanding renewable energy sector.
The transaction has prompted HitecVision and Reinova Partners to establish Lirion Power, a new Irish renewable energy platform. Lirion Power, a joint venture with HitecVision holding 70Ascension 70% and Reinova Partners 30%, will focus on acquiring and developing onshore wind assets in Ireland. The platform is seeded by the 116MW portfolio acquired from Greencoat Renewables, which includes operational wind farms with secure grid connections and existing offtake agreements.
Erlend Basmo Ellingsen, chief executive at HitecVision, commented: “This launch represents a significant milestone in our strategy of building profitable growth-focused companies in support of the European energy transition.” He highlighted Ireland’s strong wind resources, increasing electrification, and clear renewable energy targets, adding: “With Lirion Power we can apply our proven value creation model to scale a platform with a clear focus on operational value enhancement and long-term growth.”
Lirion Power plans to expand through acquisitions of mid-life wind assets, pursuing co-located solar and battery storage projects, re-contracting, repowering, and greenfield developments. The portfolio’s infrastructure supports these opportunities, positioning Lirion Power to contribute to Ireland’s renewable energy goals.
This deal underscores the active renewable energy market in Ireland, with Greencoat Renewables strengthening its financial position and Lirion Power laying the foundation for growth in the sector.
