September 12 (Renewables Now) - Norwegian state-owned utility Statkraft AS has concluded its first long-term REFIT Power Purchase Agreement (PPA) in Ireland with the 41.4-MW Castledockrell wind farm.
Under the terms of the deal, Statkraft will be buying electricity directly from the particular plant over a period of seven years. The agreement marks the company’s entry into the Irish power market right after securing a supply licence.
Statkraft explained in a statement that the fresh deal will allow the Castledockrell wind farm to mitigate the trading risk that has emerged for such facilities as a result of the new electricity arrangement in Ireland. The Norwegian company noted that it is working closely with consulting partners at Captured Carbon Ltd (CCL) to build its client relationships and service local contracts.
“Statkraft’s market entry into Ireland will bring about increased competition and offers increased value to participants in the wholesale electricity market. The fact that it can offer its services to wind farms already in arrangements with other suppliers will introduce significant efficiencies that will positively impact electricity consumers and investors in the renewable electricity market in Ireland,” said managing director of CCL Duncan O’Toole.