ESB and Coillte’s joint venture, FuturEnergy Ireland, has entered into an agreement with Greencoat Renewables regarding its portfolio of onshore wind projects in Ireland, totaling over 1GW in capacity. This strategic partnership anticipates selling more than 500MW of wind energy to Greencoat by 2030.
Under this arrangement, Greencoat Renewables has the opportunity to acquire ownership stakes in these operating wind projects through a forward sale structure, pending necessary shareholder approvals, adherence to agreed commercial terms, and achieving fair market value. Each project’s ownership transfer will occur upon their attainment of commercial operation status.
Through this framework, FuturEnergy Ireland aims to support Coillte, one of its two shareholders, in implementing its strategy of divesting wind farm assets once they become operational.
Greencoat plans to invest over €1 billion in acquiring projects that FuturEnergy Ireland successfully delivers between now and 2030. These assets will be supported by the Irish Government’s Renewable Electricity Support Scheme and the corporate Power Purchase Agreement market in Ireland.
Throughout the selection process of partnering with Greencoat Renewables, FuturEnergy Ireland received advisory support from its team, including RBC Capital Markets as the financial advisor, Eversheds Sutherland as legal counsel, and KPMG as the tax advisor.
Peter Lynch, CEO, FuturEnergy Ireland said “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.”
“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.”
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