Derry wind farm sold to Italian operator for £37m
ITALIAN wind operator ERG has bought the 25 megawatts Craiggore wind farm in Co Derry from RES.
The total investment by ERG for the subsidy-free 10-turbine facility is €41 million (approximately £37m).
Located in the townlands of Moneyguiggy and Craiggore Forest at Belraugh Road near Garvagh, the wind farm will be constructed by RES starting in the fourth quarter of this year.
It is expected to start operating in early 2021, from which time it would provide enough electricity to sustain an estimated 21,500 households.
RES, the world's largest independent renewable energy company, will operate the project under an asset management agreement for ERG.
Lucy Whitford, managing director (development and construction) at RES, said: “This is a major milestone for RES and the wider renewables industry.
“We've been championing the delivery of merchant onshore wind and focusing our efforts on designing the most efficient projects that do not require Government support.
“We're delighted to have reached financial close with ERG on Craiggore wind farm. This sale marks the start of a new era for renewables, where it is possible to deliver decarbonisation at the lowest cost for consumers.
“We look forward to starting construction and managing the wind farm for ERG once it becomes operational.”
Craiggore is the first in a consented UK onshore wind portfolio of over 20 megawatts developed by RES that the company plans to bring to financial close on a subsidy-free basis within the next year.
The acquisition takes ERG's construction pipeline in the UK from 163mw to 188mw.