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Released December 21, 2016 | GALWAY, IRELAND
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Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--Irish renewable energy firm Gaelectric (Dublin, Ireland) has agreed to sell windfarms with a combined generating capacity of 230 megawatts (MW) to the European arm of state-owned China General Nuclear Power Company (CGN) (Shenzhen) in a deal worth an estimated 400 million euro ($417 million).
The company is selling 14 windfarms in total, 10 operational windfarms with a generating capacity of 184 MW, and a further four with a combined capacity of 46 MW that will be commissioned in the middle of 2017. They are capable of generating enough power for approximately 120,000 homes. Seven windfarms are located in Northern Ireland and seven in the Republic of Ireland, the company said. Gaelectric assembled the portfolio through development and acquisition and intends to manage the windfarms for CGN after the sale.
Attending the signing of the contracts, Eoghan Murphy TD, minister for state at the Departments of Finance and Public Expenditure and Reform, said: "Today's agreement between Gaelectric and CGN Europe Energy demonstrates the attractiveness of Ireland's clean and sustainable energy credentials. Investment decisions by our strong Financial Services, ICT and Biopharma sectors are informed by critical factors such as reliable access to clean, renewable energy. This agreement will enhance our energy sector through a considerable injection of technical expertise and economic strength, and support job creation across the island of Ireland."
Dr. Wei Lu, chief executive officer of CGN Europe Energy S.A.S., said: "This will be CGNEE's first acquisition in the energy sector in Ireland. CGN Group is focused on becoming a global leader in clean energy. These high-quality wind energy assets will make an important contribution towards this objective for CGN Group."
Barry Gavin, Gaelectric's Chief Executive Officer, added: "The portfolio comprises 230 MW of wind generation utilising Enercon turbines, which is sufficient to meet the electricity needs of around 120,000 homes, avoiding greenhouse gas emissions of the equivalent of around 250,000 tonnes of CO2. This agreement allows us to support the Group's balance sheet, paying down debt and creating the foundations for our other operational and development interests in the renewable energy sector, including a near-term development pipeline across wind, solar, biomass and energy storage, including our 330-MW CAES storage project in Northern Ireland."
Last month, Gaelectric commissioned its 9.3-MW Cloonty windfarm in County Antrim. Using four Enercon wind turbines, it will generate enough power for roughly 5,000 homes annually.
This summer Industrial Info reported on Gaelectric receiving 8.3 million euro ($9.3 million) in additional funding from the European Union (EU) for its 330-MW Larne compressed air energy storage (CAES) technology project in Northern Ireland. It involves storing energy as compressed air in specially engineered caverns created within geological salt deposits at depths of around 1.5 kilometres (km) below ground level at Islandmagee peninsula. It is Europe's only compressed air energy storage project.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to info@industrialinfo.eu or visit us online at Industrial Info Europe.
The company is selling 14 windfarms in total, 10 operational windfarms with a generating capacity of 184 MW, and a further four with a combined capacity of 46 MW that will be commissioned in the middle of 2017. They are capable of generating enough power for approximately 120,000 homes. Seven windfarms are located in Northern Ireland and seven in the Republic of Ireland, the company said. Gaelectric assembled the portfolio through development and acquisition and intends to manage the windfarms for CGN after the sale.
Attending the signing of the contracts, Eoghan Murphy TD, minister for state at the Departments of Finance and Public Expenditure and Reform, said: "Today's agreement between Gaelectric and CGN Europe Energy demonstrates the attractiveness of Ireland's clean and sustainable energy credentials. Investment decisions by our strong Financial Services, ICT and Biopharma sectors are informed by critical factors such as reliable access to clean, renewable energy. This agreement will enhance our energy sector through a considerable injection of technical expertise and economic strength, and support job creation across the island of Ireland."
Dr. Wei Lu, chief executive officer of CGN Europe Energy S.A.S., said: "This will be CGNEE's first acquisition in the energy sector in Ireland. CGN Group is focused on becoming a global leader in clean energy. These high-quality wind energy assets will make an important contribution towards this objective for CGN Group."
Barry Gavin, Gaelectric's Chief Executive Officer, added: "The portfolio comprises 230 MW of wind generation utilising Enercon turbines, which is sufficient to meet the electricity needs of around 120,000 homes, avoiding greenhouse gas emissions of the equivalent of around 250,000 tonnes of CO2. This agreement allows us to support the Group's balance sheet, paying down debt and creating the foundations for our other operational and development interests in the renewable energy sector, including a near-term development pipeline across wind, solar, biomass and energy storage, including our 330-MW CAES storage project in Northern Ireland."
Last month, Gaelectric commissioned its 9.3-MW Cloonty windfarm in County Antrim. Using four Enercon wind turbines, it will generate enough power for roughly 5,000 homes annually.
This summer Industrial Info reported on Gaelectric receiving 8.3 million euro ($9.3 million) in additional funding from the European Union (EU) for its 330-MW Larne compressed air energy storage (CAES) technology project in Northern Ireland. It involves storing energy as compressed air in specially engineered caverns created within geological salt deposits at depths of around 1.5 kilometres (km) below ground level at Islandmagee peninsula. It is Europe's only compressed air energy storage project.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, five offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to info@industrialinfo.eu or visit us online at Industrial Info Europe.
