ESB takes 50pc stake in Scottish windfarm
ESB is taking a 50pc stake in the £1.8bn (€2.1bn) Neart na Gaoithe (NnG) offshore wind farm project in Scotland.
NnG has a capacity of around 450 megawatts of low carbon energy and will offset over 400,000 tonnes of carbon emissions each year.
Construction of the windfarm is now underway, with a completion date of 2023.
Twenty-five banks are lending money to fund the wind farm, which will supply enough low carbon electricity for an estimated 375,000 homes.
Pat O’Doherty, chief executive of ESB, said the “significant” acquisition “represents another key milestone in the company’s investment in offshore wind.”
“Our 50pc stake in Neart na Gaoithe fits entirely with ESB’s Brighter Future strategy to build a balanced low carbon generation portfolio of scale.
This investment in the Neart na Gaoithe project builds on significant ESB involvement in offshore wind off the Irish coast as ESB develops its experience to assist Ireland deliver its Climate Action Plan,” he said.
EDF Renewables, a major player in the UK renewable energy market, owns the other 50pc of the project.