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Gaelectric eyeing the sale of their stake in windfarms

By John Mulligan

Published 25/02/2016

Gaelectric is set to sell its stake in 13 windfarms in Northern Ireland
Gaelectric is set to sell its stake in 13 windfarms in Northern Ireland

Irish energy firm Gaelectric, which owns 13 windfarms in Northern Ireland, is eyeing the sale of a stake in them.

And it's understood the deal could place a €750m (£593m) valuation on the assets, which also include nine windfarms in the Republic.

Any proceeds would be used to further develop Gaelectric's other renewable energy assets and projects, which include energy storage, solar and bioenergy, as well as energy trading.

A sale could include part or all of about 200 megawatts of wind energy output, spread over about 23 windfarms that are owned by the company.

Gaelectric announced yesterday that it had bought the 46MW Cloghboola windfarm in Co Kerry for €60m (£47m) from Enercon. Gaelectric said it had used hybrid project financing secured through Nord/LB. The windfarm consists of 16 turbines and can generate power for almost 30,000 homes.

Belfast Telegraph

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