Greencoat signs long-term deal with FuturEnergy Ireland

Dublin-listed wind and solar energy group Greencoat Renewables has signed a long-term deal with FuturEnergy Ireland in relation to its pipeline of onshore wind projects.

The deal with State-backed FuturEnergy Ireland, which is co-owned by ESB and Coillte, will give Greencoat access to future onshore wind projects in Ireland. FuturEnergy said it expects to sell more than 500MW of its 1GW pipeline to Greencoat by 2030 through the framework.

“The framework will build upon a well-established history of successful partnerships in our business and further demonstrates Greencoat’s commitment to Ireland and its renewables market,” said Peter Lynch, chief executive of FuturEnergy Ireland.

[ Greencoat Renewables expands wind assets portfolio with Spanish acquisition ]

“This agreement will help to accelerate the commercialisation of projects and leverage its many benefits and efficiencies to enable us to deliver a large pipeline of renewable energy projects in support of national and EU climate goals. This in turn will result in the faster delivery of our renewable energy projects that are urgently needed to reduce carbon emissions.”

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Under the deal, Greencoat will acquire project stakes under a forward sale basis, with the acquisition of each stake completing as each project reaches commercial operation.

Greencoat said it expects to invest more than €1 billion enterprise value into its stake in the projects by 2030.

“We are very excited to partner with FuturEnergy Ireland and their development team on this long-term strategic framework agreement, which will make a significant contribution to Ireland’s 2030 climate targets and broader net-zero ambitions,” said Greencoat’s Paul O’Donnell. “The framework will provide access to long-term contracted cashflows and forms an integral part of our strategy as we reinvest organic cash to secure attractive new investments.”