Finavera Renewables: Agreements for Ireland wind farm

Finavera Renewables Inc has announced the signing of multiple agreements for the co-development of the 105 megawatt Cloosh Valley Wind Project, being established in County Galway, in Ireland. The agreement involves: SSE Renewables Limited, the Republic of Ireland Renewable Development Division of Scottish and Southern Energy (SSE), the UK energy company that previously acquired Airtricity, a wind energy company. The agreements establish that Finavera Renewables will sell a majority interest in its wholly-owned Gate 3 grid connection from Eirgrid to SSE. The total amount for the agreement equals EUR 8.4 million, which will be paid in stages.

Additionally, Finavera Renewables has signed a Co-Development Agreement (CDA) with SSE and Coillte, the state owned commercial forestry and renewables company. The companies involved will jointly develop the Cloosh Valley project. Coillte owns the land at the project site and has been a development partner with Finavera since 2009. Finavera will retain a ten percent equity interest in the project and will participate in all project development functions and activities.

Finavera Renewables CEO Jason Bak stated, "We are delighted to be partnering with Scottish and Southern Energy and Coillte on the development of the Cloosh Valley Wind project. SSE brings significant development, construction, and operating experience to this project. The strength of the development team now behind the Cloosh Valley project illustrates the value of this project, which has some of the best available wind resources in Europe. We now have the right team and a clear path to construction and full operation of the Cloosh Valley project."

The Cloosh Valley Wind Project is among the strongest in Europe, with a capacity of 105 megawatts, exceeding current onshore wind farms in Ireland. The project is expected to supply enough electricity for around 68,000 homes.