Coillte banked €305m in debt finance last year to fund a build out of over 200MW of Irish wind farms, according to the semi-state company’s annual report.
The developer said it raised the cash from a number of domestic and European banks in what was a “defining” year for the company as a trio of wind farms entered construction
The projects financed include a series of joint ventures with ESB on the 35MW Raheenleagh wind farm in Wicklow, with SSE on a 105MW phase of the Galway wind park and with Bord na Mona on the 65MW Sliabh Bawn project is Roscommon.
Coillte also revealed a 47% rise in group operating profits from €53.8m in 2014 to €78.9m in 2015.
This was primarily driven by a €31.8 gain on the sale of land assets and a revaluation of land rented to other wind farm developers across the country.
“2015 was a defining year for Coillte’s ambition to make a definitive contribution to Ireland’s 2020 renewable energy targets and to convert many years of development activity into tangible commercial assets,” said Coillte Land Solutions managing director Mark Foley.
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Coillte banks build bounty
€305m of debt finance funds construction of 204MW of wind farms in Ireland
By EBS