Coillte and Bord na Mona agree joint wind farm deal
The joint deal will see the two organisation join forces on a €90 million wind farm
20 February 2016 | 0
Bord na Móna and Coillte have agreed terms on a joint venture to develop a 64MW windfarm, with a total investment of €90million, at Sliabh Bawn, Co Roscommon.
The 20 turbine windfarm which is currently in construction, is expected to become operational in early 2017 and will supply renewable energy to 40,000 homes. The two companies have secured project finance from Ulster Bank and Bank of Ireland to complete construction of the project.
Sliabh Bawn will continue to be developed in line with the original planning permission granted by Roscommon County Council and An Bórd Pleanála, with construction due to be completed in 2017. The Sliabh Bawn Community Fund totalling €87,000 will remain intact, indexed linked and available each year over the 25 year lifetime of the wind farm to benefit local community projects and initiatives.
Sliabh Bawn Community Engagement Manager Nicola Wall said: “Both Coillte and Bord na Móna are committed to the development of sustainable energy in Ireland and we believe the communities in which we locate our wind farms should be able to experience the benefit of that wind farm in the locality.
She added “Likewise both companies have extensive experience in and are committed to the development of recreational and tourism facilities that can deliver benefits to the local community.”
Wall also added that soon the groups will be in a position to announce the recipients of the first round of the Sliabh Bawn Community Fund which received over 60 applications.
This joint venture is fully aligned with the Government’s desire for Coillte and Bord na Móna to work closely in areas of common interest. The project is on Coillte land and was originated and developed by the company as part of its commitment to renewable energy and utilising its estate to deliver on Ireland’s renewable energy objectives.
Commenting on the announcement Mike Quinn, CEO of Bord na Móna said “Bord na Móna is delighted to bring its considerable expertise to bear on this exciting project in Sliabh Bawn. We are one of the most experienced developers of wind energy in Ireland and this JV project fits well within our extensive portfolio of renewable energy generation assets across Ireland. Co Roscommon is an intrinsic part of the Bord na Móna heartland of communities and employees, so it’s important for us that this project is delivered in a way that maintains and enhances these good relationships.”
Fergal Leamy, CEO of Coillte added: “I am delighted that we have concluded the Joint venture funding arrangement on this very exciting wind project. Coillte’s ambition is to be the best forestry and land solutions company in Europe. Today’s announcement is a clear example of our two companies identifying areas of mutual benefit and executing to maximise the economic value to our shareholder. We are looking forward to working with Bord na Móna on the Sliabh Bawn wind farm in a partnership which enhances our close working relationship.”