Belfast Telegraph

Co Tyrone wind farm sold as part of £105m deal to UK business

Greencoat UK has spent £105m
Greencoat UK has spent £105m

By Staff Reporter

A Northern Ireland wind farm has been sold as part of a £105m deal, it has emerged. Greencoat UK Wind has agreed to acquire two wind farms from institutional investors in Liverpool and Northern Ireland for around £105m.

The acquisitions of the North Hoyle and Slieve Divena wind farms are expected to complete in August 2017 and will be funded by the renewable infrastructure fund's revolving credit facility.

The deal adds a total capacity of 90MW and takes Greencoat UK's net generating capacity to 547MW.

Slieve Divena is located in Co Tyrone, and has a capacity of 30MW. It was originally developed by SSE, and also receives one renewable obligation certificate per megawatt hour.

North Hoyle was developed by German firm Innogy SE and was commissioned in June 2004, making it one of the UK's earliest offshore wind farms. Located five miles offshore in Liverpool Bay, it has a capacity of 60MW and receives one renewable obligation certificate per megawatt hour.

Following completion of the acquisitions, Greencoat UK's total borrowings will amount to £318m, equivalent to 28% of gross asset value.

Earlier this summer it was revealed that renewable energy giant Gaelectric is launching two new wind farms in Co Tyrone as part of a £41m investment.

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Inishative and Cregganconroe in Pomeroy will generate a combined total of 27.6MW of renewable energy.

They are Gaelectric's fifth and sixth operating wind farms in Northern Ireland.

The company said that they would be enough to power 17,500 homes every year.

Elsewhere, a renewable energy giant headed by a Co Down man is expanding its growing business into the US.

Nick Boyle runs Lightsource Renewable Energy, Europe's biggest developer of industrial-scale solar projects.

It built Crookedstone Road Solar Farm for Belfast International Airport under a 25-year agreement that will provide 30% of the terminal's electricity.

After 10 months in operation, Aldergrove has saved £100,000 in energy costs as a result of the scheme.

Lightsource employs 300 people and is based in Holborn, London, with offices in Belfast and Dublin.

It was established in 2011 with just six employees. The company has announced its North American management team that will lead its expansion into the US energy sector.

The San Francisco-based team is chief executive Tim Derrick, chief operating officer Kevin Christy and chief compliance officer Katherine Ryzhaya.

The firm's UK arm has grown into a business building and developing more than £2.4bn worth of solar projects alongside investment partners.

Meanwhile, one of the largest energy projects in the last decade is due to go before Belfast City Council's planning committee tonight.

Evermore is developing a massive £280m gas-fired plant at Belfast Harbour.

Co-founder Ciaran Devine told the Belfast Telegraph earlier this year that it could power up to 50% of Northern Ireland's homes and businesses. Now the application, which is being decided by the Department for Infrastructure, will go before the city's planning committee.

Belfast Telegraph