Greencoat Renewables has bought three wind farms in France, with a total capacity of 51.9MW.
The Passilly, Sommette and St Martin facilities come at a cost of €30.3 million (£28m).
Subject to pending French regulatory approval, the acquisition will be funded by the company’s €380 million (£352m) credit facility.
Bertrand Gautier, Investment Manager, said: “Consistent with our long-term strategy, we are pleased to be making our first investment into the French wind market. The assets benefit from France’s stable regulatory regime, with the fixed-price Feed-in-Tariff guaranteeing power prices for the next 12.3 years. Our existing portfolio already has 97% of its cashflows contracted under REFIT until Jan 1 2028, and this acquisition further extends the proportion and duration of our fixed-price revenues.
“The acquisition will bring gearing to 43%, which is towards the lower end of our target range and will provide flexibility to pursue further opportunities as they arise. We are also pleased to have partnered with John Laing, again demonstrating our ability to transact with leading investors and developers across the sector.”