Brookfield Renewable Energy, a hydro- and wind-power company based in Canada, is buying 17 wind projects in Ireland for $680-million (U.S.).
The company will also assume $280-million in debt.
The deal is expected to close in the second quarter.
The wind portfolio includes 321 megawatts of operating wind energy capacity across 17 wind projects in eight counties in Ireland and Northern Ireland, The Globe and Mail reported. The project has an additional 125 MW currently under construction and an approximate 300 megawatt wind development pipeline.
The transaction will help Brookfield Renewable Energy enter the European wind energy market, company officials said.
European wind energy market has been experiencing a lull throughout 2013, with only approximately 11 GW of new wind energy capacity being added online, an 8 percent less on the wind energy capacity installed during 2013, said a report from European Wind Energy Association(EWEA).
Germany and the U.K. took a greater share of the market, accounting for 45 percent of all new installations in 2013, the report said.
“This first acquisition outside the Americas provides us with a strong foundation to build a scalable renewable energy business in Europe,” said Brookfield chief executive officer Richard Legault.
The BGA wind projects generate about 320 megawatts of power, in eight counties in Ireland and Northern Ireland meeting about 15 percent of all the wind capacity needs on the island. Another 125 MW of wind is under construction, and a further 300 MW is planned for future development.