Greencoat Renewables has entered into a long-term strategic framework agreement with FuturEnergy Ireland, in respect of its 1GW+ pipeline of onshore wind projects. FuturEnergy Ireland is the recently established state-backed joint venture company co-owned by ESB and Coillte and is one of the country’s leading wind developers.
This is the first strategic framework agreement entered into by Greencoat, providing access to a long-term pipeline of onshore wind projects in Ireland. The agreement will establish a unique structure under which Greencoat agrees to acquire project stakes under a forward sale basis, subject in all cases to receipt of relevant shareholder consents. The acquisition of each project stake would complete upon each project reaching commercial operation.
The framework structure will leverage FuturEnergy Ireland’s unique development pipeline and market leading expertise in renewable energy project development and delivery. Greencoat expects to invest over €1bn enterprise value into its stake of the projects under the framework by 2030. The agreement will help streamline and accelerate the delivery of critical renewable energy projects across Ireland.
The assets under the framework will target a proportion of long-term contracted revenues through the Irish Governments Renewable Electricity Support Scheme (RESS) as well as Ireland’s well established corporate PPA market.
GRP : Greencoat Renewables partners with FuturEnergy Ireland