TNEI supports CGN Europe in 230MW wind power assets acquisition in Ireland
TNEI has supported Paris based CGN Europe Energy (CGNEE) in the latter’s acquisition of a 230MW wind power assets from Gaelectric in Ireland.
In this connection, the UK based energy consultant has given CGNEE the technical grid and environmental due diligence needed for the acquisition from the Irish renewable energy and energy storage company.
TNEI stated that it worked together with wind energy consultant, K2 Management on the project to help CGNEE in valuation and acquisition of the Irish wind assets.
The UK energy consultant took care of the advice needed for various complex issues that can impact wind farms in Ireland such as grid codes, noise issues, constraints and curtailment on the Irish system along with environment and consenting issues.
TNEI managing director Rachel Hodges said: “We have more than a decade of wind energy experience in Ireland, allowing us to work really effectively with K2 Management to support CGNEE on this transaction”.
K2 Management, on the other hand, took care of the technical due diligence which included reviewing of technology, contracts, costs and energy output.
K2 Management global due diligence director Simon Luby said: “Understanding grid constraints is one of the single biggest challenges in the valuation of wind assets in Ireland, so having TNEI as a partner was crucial”.
The wind power portfolio comprises 14 wind farms, seven in Northern Ireland and the remaining in the Republic of Ireland. Out of these ten are in operational mode with a combined output of 184MW.
The remaining four farms with a combined production capacity of 46MW will become operational by mid-2017.
Put together, the wind farms would generate enough energy to cover the electricity requirements of nearly 120,000 homes while taking out about 250,000 tonnes of CO2 from the atmosphere.