ESB and Coillte Reach Financial Close on Castlepook Wind Farm Project
Tuesday 15 November 2016
- Castlepook project represents overall investment of €64 million.
- The wind farm will have a capacity to produce electricity which will supply the equivalent of approximately 17,000 households
ESB and Coillte are pleased to announce that financial close has been reached on the Castlepook Wind Farm project in Co Cork. As a result of a co-development agreement between the two companies, the project will be financed with long-term debt from Bank of Ireland.
The Castlepook project represents an overall investment of €64 million.
Located in the Ballyhoura Mountains in Co Cork, the 33.1 MW Castlepook Wind Farm will generate enough power for approximately 17,000 households annually. The wind farm development was granted planning permission from An Bord Pleanála in 2013 and comprises 14 Nordex wind turbines.
The wind farm will connect to the existing electricity distribution system at Charleville via an underground 38kV cable that will be installed as part of the construction works. The wind farm will have the capacity to produce electricity which will supply the equivalent of approximately 17,000 local households.
Commenting on the joint venture with Coillte, ESB Chief Executive Pat O’Doherty said: “This project represents ESB’s commitment to investing and innovating in low carbon and renewable technologies, including wind energy. Castlepook Wind Farm will add to ESB’s existing portfolio of 15 wind farms on the island of Ireland, and will help us achieve of our target of 1,600MW of wind generation capacity by 2025. We believe our wind farm investments should deliver long term social, economic and environmental benefits for everyone and we look forward to working with Coillte to delivering this at Castlepook.”
A Community Benefit Scheme has been established for the Castlepook Wind Farm which has already supported the construction of additional bike trails within the Ballyhoura Mountain Bike Trails. An annual community fund for local community projects and initiatives over the lifetime of the wind farm will also be established.
Coillte Chief Executive Fergal Leamy said: "We are delighted to have completed our fourth wind farm project in the last 12 months, involving a total investment value of €400 million. We are well on our way to completing our ambition of having 350MW of installed capacity in coming years providing power for over 300,000 homes. This project is a great example of two companies partnering to maximise the value of their assets and expertise.”