Seven of the wind farms are in Northern Ireland and seven are in Ireland.
Gaelectric will continue to provide asset management and power-offtake services to CGN Europe Energy S.A.S. (CGNEE), the renewable energy investment arm of China General Nuclear Power Group, for the 14 wind farms post their sale.
Dr. Wei LU, CEO of CGN Europe Energy S.A.S., said: "We are very pleased to have concluded this agreement with Gaelectric for the purchase of an excellent portfolio of operating wind energy assets in Ireland. This will be CGNEE's first acquisition in the energy sector in Ireland. CGN Group is focussed on becoming a global leader in clean energy. These high quality wind energy assets will make an important contribution towards this objective for CGN Group. I would like to commend the Gaelectric team for their professionalism in the process and look forward to working with them in the future."
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Mr Barry Gavin, CEO of Gaelectric Holdings, said: "We are delighted to be providing CGNEE with a superb portfolio of operating wind energy assets internally developed and assembled by the Gaelectric team. The portfolio comprises 230MW of wind generation utilising Enercon turbines which is sufficient to meet the electricity needs of around 120,000 homes, avoiding greenhouse gas emissions of the equivalent of around 250,000 tonnes of CO2. This agreement allows us to support the Group’s balance sheet, paying down debt and creating the foundations for our other operational and development interests in the renewable energy sector, including a near term development pipeline across wind, solar, biomass and energy storage, including our 330MW CAES storage project in Northern Ireland. Our contract with CGNEE for trading and asset management will form the basis of a continuing relationship with a very significant new player in the Irish, European and international energy market. I would like to acknowledge the significant role played by the CGNEE team in bringing this process to a successful conclusion and on behalf of Gaelectric I look forward to working closely with CGNEE to achieve our common goals and ambitions."
(CD/MH)
