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Finavera, the wind energy group based in Dublin and with
major projects in Canada, has announced that it has sold a
majority interest in the grid connection for Ireland's largest
onshore wind project to Scottish and Southern Energy for €8.4m.
The company said it has signed a series of agreements for
the co-development of the 105 megawatt Cloosh Valley Wind
Project in County Galway.
Finavera
Renewables has signed an agreement with SSE
Renewables (Ireland) Limited, the Irish renewables
development division of Scottish and Southern Energy (SSE)
- the UK energy company which previously acquired Irish wind
energy company Airtricity - to sell a majority interest in
its wholly owned Gate 3 grid connection from Eirgrid to SSE.
The €8.4 million consideration is payable in staged
payments.
Finavera Renewables has also signed a Co-Development Agreement
with SSE and Coillte, the state owned commercial forestry
and renewables company, to jointly develop the Cloosh Valley
project.
Coillte
is the landowner at the project site and has been a development
partner on the project with Finavera since 2009. Finavera
will retain a 10pc equity interest in the project and will
participate in all project development functions and activities.
"We are delighted to be partnering with Scottish and Southern
Energy and Coillte on the development of the Cloosh Valley
Wind project. SSE brings significant development, construction
and operating experience to this project.
"The strength of the development team now behind the
Cloosh Valley project illustrates the value of this project,
which has some of the best available wind resources in Europe.
We now have the right team and a clear path to construction
and full operation of the Cloosh Valley project," Finavera
Renewables CEO Jason Bak said.
The Cloosh Valley Wind Project has nameplate capacity of
up to 105MW and has received a Gate 3 Node Assignment from
Eirgrid. The wind resource at the project is among the strongest
in Europe. The project capacity of 105MW would exceed all
current onshore wind farms in Ireland and would provide enough
electricity for approximately 68,000 homes.
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