SSE divests 25% stake in 108 MW wind project in UK
SSE has sold a 25% stake in the 108 MW Cloosh Valley Wind Farm, part of the 174 MW Galway Wind Parkin Connemara, Co. Galway, to its site co-owner Greencoat Renewables plc. The stake equates to 27 MW of capacity and the total consideration is €34.5 million (US$39 million) representing the equity value of the transaction (excluding the external debt finance).
Cloosh Valley Wind Farm is co-owned by SSE and Greencoat Renewables and comprises 36 Siemens 3.0 MW turbines. The site is contracted under Ireland’s REFIT 2 support regime until 2032 and project finance was put in place in December 2015.
Prior to the sale, both companies had a 50% stake in Cloosh Valley Wind Farm. This transaction now takes Greencoat Renewables’ ownership of the generation site to 75% per cent. SSE will continue to operate the wind farm and its retail arm in Ireland, SSE Airtricity, will continue to have the offtake of the green energy generated at the site.
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