Greystone Managed Investments bought a majority stake in an Irish wind farm, marking its first investment in the European renewable energy market.

The Canadian institutional money manager's Greystone Infrastructure Fund acquired a 51 per cent stake in the Ballycadden wind farm in Wexford from a fund managed by London, firm Impax Asset Management Group, according to a statement . The value of the deal was not disclosed.

The purchase by Greystone gives its institutional investors, such as pension funds, access to the European renewable energy sector, the statement said.

Greystone is “actively pursuing other high quality assets in Ireland and across Europe on behalf of our investors,” Jeff Mouland, head of the Greystone fund, said in the statement.

Ballycadden is a 24-megawatt wind farm powered by nine Enercon GmbH turbines and was connected to the grid in 2013. Eversheds advised Impax on the deal, and AandL Goodbody was Greystone's adviser, according to the statement.

- Bloomberg