SSE Renewables sells Irish wind farm to Greencoat UK

20 February 2020 (Last Updated February 20th, 2020 15:32)

SSE Renewables has sold its 100% stake in Slieve Divena II Wind Farm to a renewable infrastructure fund Greencoat UK Wind for £51m.

SSE Renewables sells Irish wind farm to Greencoat UK
The wind farm began its commercial operations in 2017. Credit: Zbynek Burival / Unsplash.

SSE Renewables has sold its 100% stake in Slieve Divena II Wind Farm to a renewable infrastructure fund Greencoat UK Wind for £51m.

Located near Ballygawley, County Tyrone, Northern Ireland, Slieve Divena II was developed by SSE Renewables.

It began its commercial operations in 2017 and has been generating sufficient clean energy to power 16,300 homes in the region.

SSE Renewables managing director Jim Smith said: “The sale of Slieve Divena II to Greencoat UK Wind extends our longstanding relationship with Greencoat as a renewable investment partner on wind energy assets in the UK and Ireland.

“This sale is a further example of how SSE Renewables is creating high-quality assets aligned with the transition to a low-carbon economy.

“Strategic asset disposals are in line with our longstanding approach to create value from the development and operation, as well as ownership, of renewable energy assets, and supports our ongoing future investment strategy to develop and build more onshore and offshore wind farms in our core markets of the UK and Ireland.”

Equipped with eight 2.35MW Enercon E-92 wind turbines, the wind facility holds a 0.9/MWh Renewable Obligation Certificates under Northern Ireland’s support scheme.

The company said that the wind facility has the capability to offset approximately 15,200t of carbon emissions annually.

The completion of the deal is expected to take place by March. SSE intends to use the proceeds to reduce its net debt.

Following the completion of the deal, SSE Renewables will maintain the wind farm on behalf of the renewable infrastructure fund by signing an asset management agreement.

Greencoat UK Wind chairman Tim Ingram said: “We are delighted to acquire our eighth wind farm from SSE Renewables, which is testament to the longstanding relationship we have developed.

“Slieve Divena II is a high quality, ROC-accredited asset sitting alongside our Slieve Divena wind farm and is a natural addition to our portfolio of operating UK wind farms, which now has a net generating capacity of almost 1GW.”