China General Nuclear buys 14 Irish wind power plants

The renewable arm of the China General Nuclear Power Group (CGN) has acquired 14 Irish wind energy plants from Gaelectric.

The $373m (€350m) deal is the group’s first acquisition in Ireland’s energy sector and involves 10 operating wind farms, with the other four operational in mid-2017.
Chinese and Irish flags
The 230MW of wind power assets are thought to have an equity value of up to €350m, with associated financing bringing the enterprise value to as much as double that.

“CGN Group is focussed on becoming a global leader in clean energy,” according to Wei Lu, chief executive of CGN Europe Energy. “These high quality wind energy assets will make an important contribution towards this objective for CGN Group.”

The Irish Independent reports that Gaelectric will continue to manage the windfarms on behalf of CNGEE, and provide power take-off services to the group.

“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, including our 330MW CAES storage project in Northern Ireland,” said Gaelectric chief executive Barry Gavin this morning.

Meanwhile Gaelectric’s CAES storage project is being developed in Larne in Northern Irelan and involves the creation of two vast storage caverns more than 1.4km beneath the Antrim coast.

The scheme, which uses compressed air, will be able to generate up to 330 MW of power for up to six hours, and will create demand for 200 MW of power during its compression cycle.

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