SSE and Coillte complete €176m deal for Phase 2 of Galway Wind Park
12 January 2016
SSE and Coillte have jointly completed financing for €176 million for the construction of the second and final stage of Galway Wind Park, the largest-ever deal for a single wind energy asset in Ireland.
The total 169MW project, located southwest of Oughterard, is set to be Ireland’s largest wind farm. Phase 1 of the project, which entered construction in February 2015, is owned and financed by SSE. Phase 2 is a 50/50 joint venture between SSE and Coillte. Galway Wind Park is expected to complete in 2017, qualifying the project to be supported under the REFIT II support scheme.
With financing complete, SSE and Coillte are commencing construction work on Phase 2 with immediate effect. Construction is expected to be completed in Q3 of 2017 at which point the total 169MW wind farm will be commissioned and will enter commercial operation.
SSE Generation will operate the wind farm which will have the capacity to generate enough green energy to power 84,000 homes, equivalent to almost 90 per cent of the homes in Co Galway. The green energy produced at Galway Wind Park will help to offset approximately 190,000 tonnes of CO2 emissions every year from fossil fuel generation.
“SSE is proud to be Ireland’s largest provider of wind power and the country’s leading single investor in greener energy generation since 2008. Our investment with project partner Coillte at Galway Wind Park marks the most significant commitment yet that SSE has made in renewable generation here and reflects the exceptional quality of this Galway site for wind energy generation as well as the outstanding project partnership that we enjoy with Coillte,” said Paul Cooley, SSE director of renewables.
“We are now looking forward to completing construction and towards embarking upon a truly exciting partnership with Coillte throughout the lifetime of this best-in-class wind farm,” he added.
Mark Foley, managing director of Coillte Land Solutions, said the deal with SSE fits with Coillte’s strategy to maximise the potential of each hectare it manages in a sustainable way.
“It is a clear example of how we can add significant economic value to our estate and secure significant recurring future income,” he said.http://www.engineersjournal.ie/2016/01/12/sse-and-coillte-complete-e176m-deal-for-phase-2-of-galway-wind-park/http://www.engineersjournal.ie/wp-content/uploads/2015/04/ThinkstockPhotos-460589979-1024x683.jpghttp://www.engineersjournal.ie/wp-content/uploads/2015/04/ThinkstockPhotos-460589979-300x300.jpgNewsCoillte,energy,Galway,wind