SSE and Coillte complete phase 2 financing for Galway Wind Park

• 8 years ago (2016-01-08)

Europe 1061 Renewables 752

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The 169 MW project, located southwest of Oughterard, is set to be Ireland’s largest wind farm. Phase 1 of the project, which entered construction in February 2015, is owned and financed by SSE. Phase 2 is a 50/50 joint venture between SSE and Coillte. Galway Wind Park is expected to be complete in 2017, qualifying the project for support under the REFIT II support scheme.

The project finance for the 105 MW Phase 2 joint venture stage has been agreed between SSE and Coillte with three Mandated Lead Arranger (MLA) banks – BBVA, Couperatieve Rabobank U.A., and NORD/LB with NORD/LB acting as the coordinating arranger. The agreement has a tenor of around 16.5 years including the construction phase. Each bank will provide a 33 per cent stake of the €176 million financing including €3 million VAT facility and €3 million Guarantee Facility.

With financing complete, SSE and Coillte are commencing construction work on Phase 2 with immediate effect. Construction is expected to be completed in Q3 of 2017 at which point the total 169 MW wind farm will be commissioned and will enter commercial operation.

SSE Generation will operate the wind farm which will have the capacity to generate enough energy to power 84 000 homes, equivalent to almost 90 per cent of the homes in Co. Galway. The green energy produced at Galway Wind Park will help to offset approximately 190 000 tonnes of CO ₂ emissions every year from fossil fuel generation.