FuturEnergy JV & Greencoat Renewables Unite for Onshore Wind in Ireland

FuturEnergy JV & Greencoat Renewables Unite for Onshore Wind in Ireland

A joint venture by ESB and Coillte, FuturEnergy Ireland, has joined hands with Greencoat Renewables for its pipeline of onshore wind projects exceeding 1 GW. Over 500 MW is expected to sold to Greencoat by decade end by way of a strategic framework structure.

Greencoat Renewables will be able to undertake acquisition for project stakes following the strategic framework. Every  project stake acquired would complete once it achieved commercial operation. By way of this framework, FuturEnergy Ireland can lend support to Coillte- its shareholder, in carrying out its plan to dispose of wind farm assets after start operating. Until 2030, Greencoat anticipates investment exceeding €1bn to acquire projects delivered by FuturEnergy Ireland.

The Renewable Electricity Support Scheme (RESS), introduced by the Irish Government, will provide support to the assets under the framework. The country’s corporate PPA market will also help.

Peter Lynch, CEO, FuturEnergy Ireland stated, “We are very much looking forward to establishing a new strategic relationship with Greencoat Renewables through this innovative framework structure. The framework will build upon a well-established history of successful partnerships in our business and further demonstrates Greencoat’s commitment to Ireland and its renewables market.” He further said, “This agreement will help to accelerate the commercialisation of projects and leverage its many benefits and efficiencies to enable us to deliver a large pipeline of renewable energy projects in support of national and EU climate goals.”