Gaelectric sells 230MW to CGN

IRELAND: Dublin-headquartered developer Gaelectric has sold its 230MW of wind assets on the island of Ireland to the European investment arm of China General Nuclear Power group (CGN).

Gaelectric site at Dunbeag

The projects were acquired by CGN's Europe Energy. Financial details of the deal were undisclosed, but it marks CGN's entrance in to the Irish wind market.

Of the portfolio, ten projects totalling 184MW are operating, with a further four (46MW) to be completed by mid-2017. Gaelectric CEO Barry Gavin said the projects use Enercon turbines.

The projects are split equally between Ireland and Northern Ireland. Gaelectric will continue to provide asset management and power-offtake services.

"This will be CGN Europe Energy's first acquisition in the energy sector in Ireland. CGN Group is focused on becoming a global leader in clean energy. These high-quality wind energy assets will make an important contribution towards this objective for CGN Group," said CGN Europe Energy CEO Wei Lu.

"This agreement allows us to support the group's balance sheet, paying down debt and creating the foundations for our other operational and development interests in the renewable energy sector, including a near term development pipeline across wind, solar, biomass and energy storage," said Gavin.