Coillte eyes €125m sale of stake in wind farms
Coillte is looking to sell its stakes in four wind farms in a move that the commercial semi-state hopes will reap at least €125m.
The sales process will explore investor interest in buying Coillte's 50pc stake in each of its join venture wind farms at Raheenleagh, Co Wicklow, Cloosh Valley, Co Galway, and Castlepook in Co Cork, and a 25pc stake in Sliabh Bawn in Co Roscommon.
The wind farms were co-developed with ESB, SSE and Bord na Mona.
A €125m return would represent a multiple of five times the investment made by the state forestry agency in the assets over the last four years.
"We are a developer of these assets and our job is to maximise the value of every hectare, and when we looked at the market, now is the right time to do that for the existing portfolio," said Coillte CEO Fergal Leamy.
"We would then reinvest a portion of those proceeds in the future."
The commercial semi-state announced in October that it was considering the sale of its wind portfolio.
Mr Leamy said that based on that announcement, the body had received a lot of enquiries from across the world, and from pension funds both in Ireland and in the US.