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SSE and Coillte raise EUR176m to fund phase II of Galway wind park in Ireland

CTBR Staff Writer Published 08 January 2016

SSE and Coillte have raised €176m in financing from three banks to fund the construction of the 105MW phase II of the 169MW Galway wind park in Ireland.

SSE

The phase II wind park, being developed as a 50:50 joint venture between SSE and Coillte, is expected to be completed in 2017.

BBVA, Coöperatieve Rabobank and NORD/LB are the three mandated lead arrangers for the financing.

Each bank will provide a 33% stake of the total financing including €3m VAT facility and €3m guarantee facility.

SSE renewables director Paul Cooley said: "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.

"We are now looking forward to completing construction and towards embarking upon a truly exciting partnership with Coillte throughout the lifetime of this best-in-class wind farm."

Being built to the south-west of Oughterard, the Galway wind farm will generate clean electricity that will be enough to power around 84,000 homes, while reducing nearly 190,000 tons of CO2 emissions every year from fossil fuel generation.

Construction on the phase I of the project commenced in February last year.

The wind farm is expected to qualify for support under the Renewable Energy Feed-in Tariff (REFIT) II programme, which covers small and large scale onshore wind, biomass landfill gas and small hydro with capacity less than or equal to 5MW.


Image: Phase II of the Galway wind park is being developed as a 50:50 joint venture between SSE and Coillte. Photo: courtesy of Photokanok / FreeDigitalPhotos.net.