Norway's Statkraft to construct €32m Kerry wind farm
Norwegoam utility Statkraft has decided to proceed with the construction of a 23MW wind farm in Kerry, just weeks after agreeing to buy a raft of assets from Element Power.
The project will begin next month and be operational some time next year.
It will likely cost about €32m to construct and will include seven turbines.
Earlier this month, Statkraft acquired a total of 1,550MW of wind development assets in Ireland and the UK from Element Power, with 1,300MW of that based in Ireland.
Element Power is backed by US private equity group Hudson Clean Energy Partners.
The power firm has also been developing a 500MW electricity interconnector project, called Greenlink, intended to provide a power link between Co Wexford and Pembrokeshire in Wales.
That project was not part of the sales process and is being progressed by Element Power.
The Kerry project being built by Statkraft is called the Kilathmoy wind farm.
It's the first wind farm being developed by the company here.
The farm is an amalgamation of two projects that were being developed as the Toberatoreen wind farm and the Beananaspuck wind farm.
Those two projects had been acquired by Element Power from power giant SSE.
"We are very pleased to announce our first investment decision in Irish renewables," said Kevin O'Donovan, head of development for Statkraft Ireland.
"Statkraft is already Europe's largest producer of renewable energy and sees Ireland as a key market given its significant renewable energy resources," he added.
Kilathmoy is the most advanced project acquired by Statkraft from its recent acquisition of the Irish and Scottish development portfolio from Element Power.
Statkraft yesterday reported third-quarter results. It said that it made underlying earnings before interest and tax of 2.67bn krone (€281m) in the period. That was 1.2bn krone (€126m) higher than in the third quarter last year. It said the surge in profits was driven by higher Nordic power prices.