Coillte to sell its stake in wind farms for nearly €125 million

Date: 2018-03-24   Author: Saipriya Iyer  Category: #market

Coillte to sell its stake in wind farms for nearly €125 million

Coillte, a commercial forestry firm in Ireland, is planning to sell its stake in four wind farms for nearly €125 million. Reportedly, the sales procedure is likely to explore the interest of the investors in purchasing 50% of ownership rights in each of the joint venture wind farms of Coillte. For the record, the wind farms include Co Galway, Cloosh Valley, Raheenleagh, Castlepook, and Co Wicklow in Co Cork.

Coillte had developed the wind farms in association with Bord na Mona, ESB, and SSE. The key officials of Coillte have forecast that the firm will receive the long-term land lease revenue from the farms throughout its operational lifespan. As per authentic sources, it is seeking the sale of two wind farm projects from the potential investors for making the company’s position stronger economically.

Speaking on the development, the CEO of Coillte, Fergal Leamy was quoted stating that the firm had received a lot of inquiries, pertaining to the stake sale from pension funds based out of the U.S. and Ireland. As per reliable sources, Coillte is also likely to sell its 25% share in the Sliabh Bawn wind farm.  

Speculations have been made that the firm will invest the earnings from the sale of the farms in its forestry business and will also make co-investments in the new wind farms for producing renewable energy. Moreover, the company is slated to provide information regarding its plans of generating over 1,000 MW of sustainable energy from the twenty-five projects that it plans to launch in the next ten years. Reportedly, Coillte further plans to introduce renewable power projects in partnership with other firms, although it will retain the land possession.

With the escalating demand for renewable energy, the firm is looking forward to optimizing the value of its assets and contribute substantially towards its existing business portfolio, claim experts familiar with the matter.



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Saipriya Iyer

Saipriya Iyer currently works as a content developer for AlgosOnline. A computer engineer by profession, she ventured into the field of writing for the love of playing with words. Having had a previous experience of 3 years under her belt, she has dabbled with website...

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