SSE and Coillte complete 169MW project financing

IRELAND: Utility SSE and forestry firm Coillte have agreed €176m in project financing for the second phase of Ireland's largest single wind project.

Work on the Galway Wind Project began in January 2015 (pic: SSE)
Work on the Galway Wind Project began in January 2015 (pic: SSE)

The developers have agreed the financing with banks BBVA of Spain, the Dutch Cooperative Rabobank and Germany's Nord/LB.

SSE said the project is set to qualify for Irelands REFIT II feed in tariff support scheme. Projects are eligible for support as long as 75% of the wind farm is operational by 1 October 2018. It pays €0.70/kWh.

SSE and Coillte are jointly developing the 105MW second phase of the 169MW Galway Wind project near Oughterard on the west coast of Ireland.

The first 64MW phase began construction in 2015, according to its sole developer SSE. It will use 22 Siemens 3MW turbines.

Completion of the financing will allow SSE and Coillte to begin construction of the phase immediately with the project due to be fully completed in 2017.

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