Greencoat Renewables will buy the Cavan and Offaly windfarms from Statkraft as soon as they grow to be operational in 2022.
Norwegian renewable power firm Statkraft introduced yesterday (21 December) that it’s going to assemble two new windfarms in Eire.
The windfarms might be primarily based in Cloghan in Co Offaly and Taghart in Co Cavan. Development is about to start in early 2021 and might be managed by Statkraft.
Once they grow to be operational in 2022, they are going to be offered to Irish firm Greencoat Renewables whereas Statkraft will retain long-term administration of the websites. The overall worth of venture is €123m.
Statkraft secured fixed-price contracts for 15 years for the 2 windfarm tasks earlier this 12 months via the Authorities’s Renewable Electrical energy Help Scheme (RESS). It additionally secured approval for 2 photo voltaic power tasks.
The corporate has 4,000 workers throughout 17 international locations, with almost 60 employees in Eire. In addition to producing hydropower, wind energy and solar energy, it specialises in buying and selling power and EV charging networks. It constructed its first wind and battery tasks in Eire final 12 months and by 2025 hopes to have put in services totalling capability of 6GW of wind power and 2GW of photo voltaic power.
Managing director of Statkraft in Eire, Kevin O’Donovan, mentioned that the corporate occupies a “main position within the world transition to a low-carbon future”.
“I’m actually happy to see the monetary partnership with Greencoat Renewables contributing to delivering Eire’s carbon discount targets,” he added. “We imagine that Eire might be one of many main development markets for wind and solar energy, given the nation’s important renewable power sources.”
Greencoat Capital is managing the funding. A associate on the agency, Paul O’Donnell, mentioned: “Securing our first property below RESS is a vital milestone for us because the RESS auctions will proceed to help the expansion of the Irish renewables market. We anticipate this mixture of contracted revenues and ahead purchases to grow to be commonplace in each Eire and Europe over the following few years.”
Earlier this month, it was introduced that Greencoat Renewables had raised €125m in an oversubscribed share putting to spend money on renewable power tasks.