Saorgus Energy seeking buyers for two planned wind energy sites

August 12, 2013 by  
Filed under Green Energy News

The farms could power 100,000 homes.

– 10 August 2013

Kerry windfarm developer Saorgus Energy is seeking buyers for two of its planned projects which are likely to attract millions of euro.

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The ESB is among the suitors to have run the rule over the assets, after Saorgus Energy put two wind-farm schemes up for sale through Ernst Young.

One of the projects is called Dromadda More, which is in Kerry. It has planning permission for a 32-megawatt farm using 11 turbines. It is due to be built next year and be operational by 2015. It will generate enough electricity to power nearly 30,000 energy-efficient homes.

The other development project up for sale is also in Kerry and is called Cordal. It has planning permission for 28 turbines and would generate up to 84 megawatts – enough electricity to power at least 75,000 energy-efficient homes, according to Saorgus.

Saorgus director Aidan Forde declined to comment on the sale process, as did the ESB when contacted by the Irish Independent.

According to energy industry publication Sparkspread, other potential buyers apart from the ESB include UK private equity groups HgCapital, Impax Asset Management and Glennmont Partners. Binding offers for the assets are due to be made by September.

France’s biggest bank, BNP Paribas, spun off its Clean Energy Partners unit earlier this year to form Glennmont. A 20-megawatt wind farm in Co Laois was bought by BNP in 2010 from Germany-based ABO Wind, less than a year after the German vehicle acquired it from a Danish firm for €42m.

Glennmont Partners continues to hold the Laois wind farm, called Gortahile, in its asset portfolio.

The company is also developing the Dublin Array project, a plan to install offshore wind turbines with a potential capacity of up to 520-megawatts – enough to power over 450,000 homes. The turbines will be located 10km offshore between the Kish and Bray banks. Saorgus hopes construction work will begin in 2017 and be completed by 2018.

Irish Independent

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