Galway wind farm stake sells for €34.5 million

Galway wind farm stake sells for €34.5 million

SSE Airtricity is selling part of its stake in the Cloosh Valley wind farm to Irish company Greencoat Renewables for €34.5 million.

Cloosh Valley Wind Farm  in Connemara is co-owned by SSE and Greencoat Renewables, making up the largest part of Galway Wind Park with its 36 Siemens 3.0MW turbines with a combined capacity of 108MW.

Prior to this SSE and Greencoat both equally co-owned Cloosh Valley, and SSE is selling half of its stake in the sale, bringing Greencoat’s total ownership to 75%.

SSE will continue to operate the wind farm and its retail arm in Ireland, SSE Airtricity, will continue to have the offtake of the green energy generated at the site.

Galway Wind Park began producing electricity for commercial use in December 2017. Its 174MW capacity from 58 turbines makes it the largest wind farm in Ireland.

It was developed in two phases, with the 66MW Phase 1 wholly owned by SSE and Phase 2, Cloosh Valley, being co-owned with Greencoat.

Gregor Alexander, Finance Director of SSE, said Galway Wind Park is a testament to the company’s ability to “design, develop, construct and operate first class renewable energy assets.

“Onshore wind makes a huge contribution to supplying low carbon electricity to Ireland’s all-island energy market and to meeting the country’s carbon reduction targets.”

“The sale of this stake in Cloosh Valley Wind Farm to our site co-owner Greencoat Renewables is a continuation of SSE’s longstanding approach of partnering with other renewable investors and securing value for shareholders at appropriate times,” he finished.

Paul O’Donnell, partner at Greencoat Capital said they are pleased to continue working with SSE on Ireland’s largest wind farm, and expect to see further opportunities for fresh acquisitions.

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