Money

Renewable energy fund pays £51m to SSE for Northern Irish wind farm



SSE has sold its Slieve Divena II wind farm in Northern Ireland to London-listed renewable energy investment fund Greencoat UK Wind for £51 million.

The wind farm has eight turbines that together produce 18.8 mega-watts (MW) of electricity, enough to power 16,300 homes. Perth-based SSE will continue to run the wind farm and its Airtricity arm will carry on buying the electricity it generates, providing income for Greencoat’s shareholders.

Greencoat bought SSE’s larger 30MW Slieve Divena wind farm in 2017. The two sites sit next to each other.

Tim Ingram, chairman of Greencoat UK Wind, said: “We are delighted to acquire our eighth wind farm from SSE Renewables, which is testament to the longstanding relationship we have developed. Slieve Divena II is a high quality, Renewable Obligation Certificate-accredited asset sitting alongside our Slieve Divena wind farm and is a natural addition to our portfolio of operating UK wind farms, which now has a net generating capacity of almost one giga-watt.”

Following the deal, SSE will still have 689MW of wind power capacity on the island of Ireland. It is the largest supplier of renewable power to the Republic of Ireland and Northern Ireland’s shared all-island energy market.

Jim Smith, managing director of SSE Renewables, added: “The sale of Slieve Divena II to Greencoat UK Wind extends our longstanding relationship with Greencoat as a renewable investment partner on wind energy assets in the UK and Ireland. Strategic asset disposals are in line with our longstanding approach to create value from the development and operation, as well as ownership, of renewable energy assets, and supports our ongoing future investment strategy to develop and build more onshore and offshore wind farms in our core markets of the UK and Ireland.”



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