CGN of China to take stake in Irish wind portfolio - report
Monnaboy wind farm by Galectric. Source: www.gaelectric.ie
China General Nuclear Power Corp (CGN) is, according to reports, the preferred bidder for a majority stake in Gaelectric's wind farm portfolio on the island of Ireland, valued at roughly EUR 690 million (USD 758m).
Sources told The Irish Times on Wednesday that the Chinese company is in exclusive talks to take a controlling stake in the portfolio. US infrastructure investment manager I Squared Capital, was also in the list of bidders, according to the report.
Gaelectric has 13 wind projects in Northern Ireland and 10 more in the Republic of Ireland. It has set a goal of 400 MW operating wind capacity by 2017, while it also targets up to 1,000 MW of wind, solar, bioenergy and generation using compressed air energy storage by 2020.
Last month it was announced that a unit of China General Nuclear Power has agreed to buy the 81-MW Estinnes wind farm in Belgium from renewables developer Windvision.