FuturEnergy Ireland and Greencoat Renewables have entered a significant strategic framework agreement focused on advancing FuturEnergy’s extensive pipeline of onshore wind projects in Ireland, totalling over 1 GW in capacity. As part of this collaboration, it is anticipated that FuturEnergy will sell more than 500 MW of this capacity to Greencoat by the year 2030, marking a substantial commitment.
Under this partnership, Greencoat will engage in the acquisition of project stakes through a forward sale arrangement, with each acquisition being finalised upon the respective project achieving commercial operation status. Over the course of the decade, Greencoat is expected to invest more than EUR 1 billion (USD 1.07 billion) in enterprise value towards its share of these projects.
This agreement provides Greencoat with access to a long-term pipeline of onshore wind initiatives in Ireland. These developments are poised to receive support from the Irish government’s Renewable Electricity Support Scheme (RESS) and are well-positioned to tap into the country’s corporate power purchase agreement (PPA) market, ensuring a promising future for renewable energy expansion in the region.
The agreement also aligns with Coillte’s strategy to dispose of wind farm assets once they go online.
“This agreement will help to accelerate the commercialisation of projects and leverage its many benefits and efficiencies to enable us to deliver a large pipeline of renewable energy projects in support of national and EU climate goals,” said FuturEnergy Ireland chief executive Peter Lynch.
“The framework will provide access to long-term contracted cashflows and forms an integral part of our strategy as we re-invest organic cash to secure attractive new Investments,” commented Paul O’Donnell, investment manager, Greencoat Renewables. “As the largest owner of onshore assets in Ireland, representing an investment of over EUR 1.4 billion over the last six years, we are well-positioned to deliver these critical projects,” he added.