Europe’s largest generator of renewable energy Statkraft is set to sell two Irish wind farms to asset manager Greencoat Renewables PLC.
The Cloghan wind farm has a total capacity of 37.8MW and is located in Co Offaly.
The second project, the Taghart wind farm, has a total capacity of 25.2MW and is located in Co Cavan.
Both wind farms secured 15-year fixed price contracts in Ireland’s first competitive auction under the Government’s new Renewable Electricity Support Scheme (RESS-1) earlier this year.
The farms will be bought for a combined price of €123m when they become operational in 2022.
Statkraft will manage the construction of each wind farm and will continue to provide trading and operational management services for the wind farms once operational. Construction of the wind farms is set to begin in 2021.
Commenting on the news, partner at Greencoat Capital Paul O’Donnell said: “Securing our first assets under RESS is an important milestone for us, as the RESS auctions will continue to support the growth of the Irish renewables market.
“We expect this combination of contracted revenues and forward purchases to become commonplace in both Ireland and Europe over the next few years and we believe Greencoat Renewables is well positioned given our scale and the strength of our relationships,” he concluded.