Europe’s leading hydropower company- Statkraft has recently laid down its plans of constructing, selling, and managing two novel Irish farms- Taghart and Cloghan. It has been reported that the company has inked a deal for selling these wind farms to Greencoat Renewables PLC, retaining the responsibility for the development and long-term operation and management, in conjugation with its strategy to construct, sell, work, and trade power across the country of Ireland.
As per credible reports, the construction is said to commence by early 2021 with locations of these farms being Cloghan in County Offaly and Taghart in County Cavan. Official sources state that Statkraft holds the responsibility to manage the construction of both the wind farms while simultaneously offering operational management services for the wind farms in the operations phase.
In addition to this, the ownership of the assets would be transferred to Greencoat Renewables PLC once they become operational in 2022. The overall valuation of the project is estimated to be around 123 million euros.
Commenting on the recent accomplishment, Managing Director of Statkraft Ireland, Kevin O’Donovan, quoted that the company is pleased to have established a financial collaboration with Greencoat Renewables in a bid to contribute significantly in Ireland’s carbon reduction targets. This has in turn potentially enabled the company to play a leadership role in global transition to a low carbon future.
Meanwhile, Paul O’Donnell, Investment Manager and a Partner at Greencoat Capital, cited that securing its first assets under RESS stands to be an important milestone for the firm as the auctions would continue to support the growth of Irish renewables market.
Further, through this combination of contracted revenue and forward-purchases, Greencoat Renewables plans to emerge as a commonplace in both Europe and Ireland over the forthcoming years. He added that the firm is looking forward to working with Statkraft while adding the two quality wind farms to its portfolio.
For the record, Statkraft secured 150-year fixed price agreements for the two wind projects and two solar projects in Ireland’s first auction under the Government’s new Renewable Electricity Support Scheme, in early 2020.