(Cork / London / Oslo 21 December 2020) Statkraft has decided to build the Cloghan and Taghart wind farms in Ireland. In addition, the company has agreed to sell the wind farms to Greencoat Renewables PLC while retaining responsibility for their construction and operation and long-term management, in line with Statkraft’s strategy to power. build, sell, operate and trade.
Cloghan (37.8MW) is in County Offaly and Taghart (25.2MW) is in County Cavan, Ireland. Construction will begin in early 2021. Statkraft will manage the construction of the two wind farms and provide operational management services to the wind farms at an operational level. Ownership of the assets will be transferred to Greencoat Renewables PLC when they become operational in 2022. The total value of the project, including construction costs, is € 123 million.
Commenting on the investment decision, Statkraft Ireland Managing Director Kevin O’Donovan said; “Statkraft plays a key role in the global transition to a low carbon future and I am delighted to see the financial partnership with Greencoat Renewables contribute to delivery Ireland’s carbon reduction targets ”.
Statkraft secured 15-year fixed price contracts for both wind projects and two solar projects in Ireland’s first competitive auction under the Government’s new Renewable Electricity Assistance Scheme (RESS-1) earlier this year.
Paul O’Donnell, Partner at Greencoat Capital, Investment Manager, said:
“Securing our first RESS fund is an important milestone for us as RESS ropes will continue to support the growth of the Irish renewables market. We expect this combination of contracted income and forward purchasing to become commonplace in Ireland and Europe over the next few years, and we believe that Greencoat Renewables exists well placed because of our scale and the strength of our relationships. We look forward to working with Statkraft and adding these two quality wind farms to our portfolio in two years’ time. ”
With 4000 employees in 17 countries, Statkraft is Europe ‘s largest generator of renewable energy. The group manufactures hydropower, wind power, solar power, as well as being a global player in energy trading and distributing EV cost networks. In Ireland, Statkraft develops, owns and operates renewable production facilities with the construction of the first wind and battery projects in 2019. Employing almost 60 people in Ireland company engaged in trade and power initiation from its own projects and from third party projects. .
The company’s global goal is to be a leading wind and solar developer, aiming for an installed capacity of 6 GW and 2 GW of wind by 2025. This includes an advanced line of projects in Ireland.
Mr O’Donovan added; “We believe that Ireland will be one of the key growth markets for wind and solar energy, with the country’s significant renewable energy resources.”
In Statkraft
Statkraft is a leading international hydroelectric company and Europe’s largest generator of renewable energy. The group manufactures hydroelectricity, wind power, solar power, gas power and district heating supplies. Statkraft is a global company in energy market activity. Statkraft has 4,000 employees in 17 countries. www.statkraft.ie
About Greencoat Renewables PLC
Greencoat Renewables PLC is an investor in euro-denominated renewable energy infrastructure funds. Initially focused on the construction and management of wind farms in Ireland, the Company is now investing in wind and solar assets in some other Northern European countries with energy frameworks. sustainable and robust renewables. It is led by Greencoat Capital LLP, an experienced investment manager in the registered renewable energy infrastructure sector. http://www.greencoat‐renewables.com/
About RESS-1
RESS 1 is the first Renewable Electricity Assistance Scheme with the Irish Government, one element of the Government’s Climate Action Plan to deliver the 70% renewable electricity target by 2030. EirGrid ran the auction on 28 July 2020
For more information, contact:
Torbjørn Steen, Vice President of Communications, European wind and Solar
Email: [email protected]
Mob: +47 911 66 888
Lars Magnus Günther, Statkraft AS press spokesman
Email: [email protected]
Mob: +47 912 41 636