Greencoat Renewables PLC (LSE:GRP) has agreed a 10-year corporate power purchase agreement (PPA) for its Ballybane Phase 1 wind farm with Keppel DC REIT.
The wind farm has an annual output of 67 Gigawatt hours (GWh) of renewable energy, of which Keppel DC REIT will purchase 100% of the electricity generated.
“The agreement underpins the critical role that renewables have to play in powering demand from the global acceleration of technology, impacted by recent advancements in Artificial Intelligence,” said Greencoat.
Investment manager Paul O'Donnell added: "This partnership evidences the significant opportunity for Greencoat Renewables, as the largest operator of wind assets in Ireland, to provide renewable electricity to the growing Irish data centre market.
“In successfully re-contracting Ballybane Phase 1, we have demonstrated our ability to create and sustain long-term value for our investors".
Broker Stifel noted that “as fixed price incentive regimes conclude and demand for green energy increases, Greencoat Renewables expects to continue to deliver PPAs with large, highly reputable counterparties such as Keppel DC REIT, as part of its core strategy”.