Spain's CEHN acquire 50% stake in Airtricity subsidiary developing offshore wind farm

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Spanish renewables group Corporacion Energia Hidroelectrica de Navarra (CEHN) and Irish green energy company Airtricity have clinched a deal allowing CEHN to acquire a 50% stake in Airtricity's subsidiary which is developing a 120 MW offshore wind farm in the Irish Sea -- the largest permitted offshore project in the world. Under the first 25 MW phase of the wind farm, seven GE, 3.6 MW wind turbines have already been installed on the Arklow Bank and are undergoing testing. The deal gives both parties the option to buy this first phase of the project from GE Energy when it has completed testing and demonstration of the turbines. Airtricity and CEHN will jointly develop phase two comprising 95 MW. Through the deal, CEHN becomes the first Spanish company to hold an interest in an offshore wind farm. CEHN's Arantza Ezpeleta says the alliance with Airtricity is a major step towards starting the company's offshore activities. The agreement also gives Airtricity the option to acquire an equivalent megawatt interest in CEHN's planned offshore project in southern Spain. Airtricity's Eddie O'Connor says it will facilitate the company's internationalisation. "The agreement with CEHN will mean that we now have interests in Ireland, Scotland, England, the US and Spain," he says.

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