Eco Wind Power is currently developing 80 MW of fully approved wind generating capacity, on top of its existing operational windfarm capacity of 24 MW. It also has a substantial pipeline of development projects.
Viridian's retail energy business, Energia will use the acquisition to strengthen its position as a leading all-island player in the provision of renewable power.
Energia already supplies green electricity to its customers from a range of wind farm contracts, in addition to conventional supply from Viridian's two major gas fired generating stations in Dublin.
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It has 250 MW of renewable capacity contracted within its energy portfolio, the majority of which is operational or forecasted to reach commercial operation in 2008 with a further 82 MW of wind farm projects currently in development across Ireland.
Energia supplies 25% of the business electricity market on an all-island basis with over 40,000 customers. The acquisition of Eco Wind Power will further enhance Energia's position as a low carbon intensity energy supplier. It also supplies a large portion of all gas consumed in Ireland by large industrial and commercial customers.
Harry McCracken, Executive Director, Viridian Group said: "We intend to make a major contribution to Ireland's sustainable energy agenda. Today's transaction immediately brings our renewable contracts and asset development pipeline, on the Island of Ireland, to over 550MW. This will complement our two existing power plants and provide our electricity customers with a greater choice of renewable contracts."
Viridian Group owns Energia, Huntstown Power, Northern Ireland Electricity, NIE Energy and Powerteam Electrical Services. The Group has a turnover of circa €1.5 billion and employs around 1,500 staff.
(VB/JM)
