SSE and Coillte have completed a financing deal worth €176m for the 105MW second phase of the Galway Wind Park in the west of Ireland.
The JV pair have signed off on a deal with Spanish bank BBVA, Dutch outfit Rabobank and German company Nord LB on what is understood to be the largest-ever finance package for a single wind farm in Ireland.
The deal was first revealed in today’s subscriber-only newsletter reNEWS.
The debt will stretch over 16 years including the construction phase. Each bank will provide a 33% stake of the finance including a €3m VAT facility and a €3m guarantee facility.
SSE director of renewables Paul Cooley said the project cements the utility’s position as a leading investor in green energy.
“Our investment with project partner Coillte at Galway Wind Park marks the most significant commitment yet that SSE has made in renewable generation here and reflects the exceptional quality of this Galway site for wind energy generation as well as the outstanding project partnership that we enjoy with Coillte,” he said.
Coillte land solutions director Mark Foley said: “This deal with SSE fits with our strategy to maximise the potential of each hectare we manage in a sustainable way. It is a clear example of how we can add significant economic value to our estate and secure significant recurring future income.”
Siemens is supplying 58 SWT-3.0-101 turbines on the full 169MW project. The 64MW phase one, owned and financed by SSE, is already in construction.
Roadbridge and the Kirby Group are on the main civil and electrical works with Imtech Suir Engineering on grid works.
Construction on phase two will begin this month with the full project expected to be completed in Q3 2017.
Image: SSE is building on its Irish portfolio (SSE)
