ESB and Coillte are pleased to announce today that financial close has been reached on the Raheenleagh Wind Farm project. A result of a co-development agreement between the two companies, the project will be financed with long-term debt from Bank of Ireland and Nord LB.
The project represents an overall investment of €70m, the significant portion of which will be funded through Bank Debt with the remainder being funded through Equity provided jointly by ESB/Coillte.
Located west of Arklow, Co. Wicklow, the 35MW Raheenleagh Wind Farm will generate enough power for approximately 22,500 households using 11 wind turbines. With planning permission already granted, construction is ready to begin with a view to commercial operation commencing in October 2016.
Commenting on this 50/50 venture with Coillte, ESB Chief Executive Pat O’Doherty said: “This project is a prime example of ESB’s commitment to sustainability in all of its activities. We look forward to working with Coillte on Raheenleagh Wind Farm, as well as upcoming projects in Bunkimalta and Castlepook.”
Coillte Chief Executive Fergal Leamy said: “Coillte’s core business is forestry and our ambition is to maximise the economic and social value of each hectare we manage. Our emerging leadership position in renewable energy allows us to achieve this ambition with a business that is complementary to our core. Today is an important milestone in the maturing of this business. This project is a great example of two companies partnering to maximise the value of their assets and expertise.”
Two Irish companies have been contracted in the construction of Raheenleagh Wind Farm. Gridpower Ltd will provide electrical services, while the civil engineering contract has been awarded to Denis Moriarty The Kerries Ltd. The wind turbines will be supplied by Siemens.