Monday 21 October 2019

Greencoat pays €34m for wind farm stake

SSE will continue to operate the wind farm, while its Airtricity arm will continue to offtake the energy generated by it. Stock image
SSE will continue to operate the wind farm, while its Airtricity arm will continue to offtake the energy generated by it. Stock image
John Mulligan

John Mulligan

Airtricity owner SSE has sold a 25pc stake in the Cloosh Valley wind farm in Co Galway to Greencoat Renewables for €34.5m.

The price reflects the equity valuation of the stake in the 108MW wind farm, while an additional €41.7m of project finance debt is also attached to the 25pc stake.

It raises Greencoat's stake in the wind farm to 75pc. It acquired the initial 50pc holding in December.

SSE will continue to operate the farm, while its Airtricity arm will continue to offtake the energy generated by it.

The Cloosh Valley scheme is part of the 174MW Galway Wind Park and features 36 turbines, each capable of generating up to 3MW of power. The Galway Wind Park was commissioned in 2017 and is the largest wind farm in Ireland, with 58 turbines.

Following the latest deal with Greencoat Renewables, SSE will own 93MW of the installed capacity at Galway Wind Park, representing a 53pc ownership share of the total site.

The Cloosh Valley site is contracted under Ireland's REFIT 2 support regime until 2032.

SSE said the sale is another example of the company creating value through stake sell-downs as it develops and builds more onshore and offshore wind farms.

Greencoat Renewable's total net generating capacity has increased to 411MW as a result of the acquisition.

Paul O'Donnell, a partner at Greencoat, said the firm continues to see a strong pipeline of acquisition opportunities.

Irish Independent

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