UK bidder in talks over Gaelectric's wind portfolio - report

A major English company is in the early phase of bidding for Gaelectric's wind farm portfolio in Northern Ireland and the Republic of Ireland, valued at as much as GBP 590 million (USD 775m/EUR 704m), the Irish Independent said today.

The company is understood to be in talks to acquire the entire cross-border portfolio or part of it.

Earlier this year, the newspaper reported that the Irish renewable energy company has received as many as 20 expressions of interest for its wind portfolio, whose equity value is seen at between EUR 250 million and EUR 350 million. There have been reports that the sales process has been affected by the Brexit vote, the article says, with the pound volatility having an impact on pricing.

Gaelectric has 13 wind projects in Northern Ireland and another nine in the Republic. It has set a goal of 400 MW operating wind capacity by 2017.

Proceeds from the sale would be used to develop the company's other renewable energy assets and energy trading.

Its 330-MW compressed air energy storage (CAES) project near Larne in Northern Ireland was recently awarded EUR 8.28 million in additional EU financing.

(GBP 1.0 = USD 1.313/EUR 1.194)

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