Irish utility ESB and forestry company Coillte today launched a renewable energy joint venture, called FuturEnergy Ireland, which will aim to develop 1 GW of wind projects by 2030.
The joint venture is equally owned by the two semi-state companies. It is mainly intended to help Ireland achieve its goal of generating 80% of electricity from renewables by 2030.
Coillte, a custodian of 7% of Ireland’s land, has transferred its portfolio of proposed wind farm projects and its renewable energy division to FuturEnergy Ireland. Most of the projects are preparing to enter or going through the planning system.
“With the very strong mandate received from its two shareholders, FuturEnergy Ireland is positioned to make a lasting and positive impact in Ireland’s renewable energy sector by delivering wind farm infrastructure for the benefit of all stakeholders, including local host communities,” said Peter Lynch, chief executive of the new company and former managing director of Coillte’s renewable energy division.
ESB and Coillte have a track record of delivering projects together. They started discussions on the creation of a joint venture development company targeting 1 GW of renewable energy capacity by 2030 back in 2019.
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