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Financial close reached with ERG on 25 MW wind farm
RES, the world’s largest independent renewable energy company, has announced today the sale of its first subsidy-free project, Craiggore Wind Farm, in Northern Ireland to ERG UK Holding Ltd, a company owned by ERG, a leading European wind energy operator. The total investment by ERG for the 25-megawatt (MW) project is approximately £37 million (€41 million).
The 10-turbine wind farm located in Co. Londonderry will be constructed by RES with work due to start in the fourth quarter of 2019. It is expected to start operating in early 2021, from which time it would provide enough electricity to sustain an estimated 21,500 households. RES will operate the project under an asset management agreement for ERG.
Lucy Whitford, Managing Director – Development and Construction, RES commented: “This is a major milestone for RES and the wider renewables industry. We’ve been championing the delivery of merchant onshore wind and focusing our efforts on designing the most efficient projects that do not require Government support.
“We are delighted to have reached financial close with ERG on Craiggore Wind Farm. This sale marks the start of a new era for renewables, where it is possible to deliver decarbonisation at the lowest cost for consumers. We look forward to starting construction and managing the wind farm for ERG once it becomes operational.”
Craiggore Wind Farm is the first in a consented UK onshore wind portfolio of over 200MW developed by RES that the company plans to bring to financial close on a subsidy-free basis within the next year.
