ESB and Coillte have reached a financial deal on the Castlepook Wind Farm project in Co Cork. The project will be financed with long-term debt from Bank of Ireland representing an overall investment of €64 million.
Located in the Ballyhoura Mountains in Co Cork, the 33.1 MW Castlepook Wind Farm will generate enough power for approximately 17,000 households annually.
The wind farm development was granted planning permission from An Bord Pleanála in 2013 and comprises 14 Nordex wind turbines.
The wind farm will connect to the existing electricity distribution system at Charleville via an underground 38kV cable that will be installed as part of the construction works.
Commenting on the joint venture with Coillte, ESB Chief Executive Pat O’Doherty said the project represents ESB’s commitment to investing and innovating in low carbon and renewable technologies, including wind energy.
“Castlepook windfarm will add to ESB’s existing portfolio of 15 wind farms on the island of Ireland, and will help us achieve of our target of 1,600MW of wind generation capacity by 2025.
“We believe our wind farm investments should deliver long term social, economic and environmental benefits for everyone and we look forward to working with Coillte to delivering this at Castlepook.”
For Coillte it is the fourth wind farm project in the last 12 months, involving a total investment value of €400 million.
Chief Executive Fergal Leamy said the business is well on our way to completing our ambition of having 350MW of installed capacity in coming years providing power for over 300,000 homes.
“This project is a great example of two companies partnering to maximise the value of their assets and expertise.”