Coillte signs agreement with Scottish and Southern Energy and Finavera to develop Ireland's largest onshore wind project
Moycullen, Galway, August 25, 2010 – Coillte today announced that it has concluded an agreement for the co-development of one of Ireland’s largestWind Projects with Finavera Renewables andScottish and Southern Energy (“SSE”). The project is located on Coillte owned lands in Cloosh Valley near Moycullen in County Galway.
Coillte successfully delivered planning permission for 22 turbines in the first phase of the project which will generate approx 50 MW. This is enough power to meet the electricity needs of more than 30,000 homes - from one of Ireland's greatest natural resources, its wind energy. On completion, the 105 MW wind farm will have the capacity to generate enough electricity to supply over 60,000 homes.Coillte as the landowner of the project site has been a development partner with Finavera since early 2009.
Approximately 20% of installed wind energy generation capacity in Ireland is situated on land owned or formerly owned by Coillte. Coillte has a portfolio of over 400 MW of Gate 2 and 3 Projects across the country, making it the second largest developer of on-shore sites.
Commenting on the announcement David Gunning, CEO of Coillte said: "As Ireland’s largest land owner, Coillte has a unique and extensive portfolio of suitable sites for wind farms across the country, with some of the best wind regimes. We identified the potential of the Cloosh Valley site as part of our long term strategy to manage our assets in a sustainable way and to deliver on key national policy objectives.
“We are delighted to bring our unique assets and expertise into play to help deliver on Ireland's renewable energy targets as well as delivering a substantial uplift in the value of our assets for our shareholders. This year alone we have 6 more wind farm projects in the pipeline for planning with a potential 250 MW and anticipate continuing to make a significant contribution to meeting Ireland’s renewable energy targets.”
Under the agreement Coillte and SSE will each have a 45% stake in the project, while Finavera will retain a 10% interest.
About the Project:
The Cloosh Valley Wind Project has capacity of up to 105 MW and has received a Gate 3 grid offer. The wind resource at the Cloosh Valley project is among the strongest in Europe.
Ends
For further information please contact:
Tom Byrne
Head of Corporate Communications
Coillte
Tel: 353 1 201 5231 / 086 810 4224
About Coillte
Coillte has operations in forestry, timber panel products, land based businesses and renewable energy.Coillte employs approx 1,000 people and owns over 445,000 hectares of land, 7% of the land cover in Ireland.
About Scottish and Southern Energy (SSE)
SSE is one of the UK and Ireland's leading energy companies. Its core purpose is to provide the energy people need in a reliable and sustainable way. It is involved in the generation, transmission, distribution and supply of electricity; energy trading; the development of major renewable energy projects; the extraction, storage, distribution and supply of gas; electrical and utility contracting; and telecoms. SSE owns just over 11,300MW of electricity generation capacity, including its share of joint ventures and associates. This makes it the second largest electricity generator across the UK and Ireland. The capacity comprises 4,590MW of gas- and oil-fired capacity, 4,370MW of coal-fired capacity (with biomass ‘co-firing’ capability), and 2,370MW of renewable capacity
About Finavera Renewables Inc.
Finavera Renewables Inc. is dedicated to the development of renewable energy resources. The Company’s objective is to become a major renewable and green energy producer by developing and operating its assets in the wind sector. Finavera Renewables is developing wind energy projects in Canada and Ireland.
