ESB, Coillte close financing on 33.1-MW wind project

Ireland's Electricity Supply Board (ESB) and forestry manager Coillte said today they have reached financial close on the 33.1-MW Castlepook wind farm project in County Cork.

Representing a total investment of EUR 64 million (USD 69m), the project will be financed with long-term debt from Bank of Ireland.

The wind scheme is a result of a co-development agreement between ESB and Coillte. It will use 14 Nordex wind turbines and will generate enough power per year to meet the needs of about 17,000 households, according to the companies' announcement.

"Castlepook windfarm will add to ESB’s existing portfolio of 15 wind farms on the island of Ireland, and will help us achieve of our target of 1,600MW of wind generation capacity by 2025," said ESB chief executive Pat O'Doherty.

For Coillte this is the fourth wind farm project in the last 12 months, noted chief executive Fergal Leamy. "We are well on our way to completing our ambition of having 350MW of installed capacity in coming years providing power for over 300,000 homes," Leamy added.

The Castlepook project secured planning permission from An Bord Pleanala in 2013.

(EUR 1.0 = USD 1.078)

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