Coillte has announced that it had started a formal sale process to find buyers for the following stakes in windfarms operating on its land:"The fact that we have realised assets with an equity investment of €25m that may trade for a value greater than €125m illustrates the potential value we can create from every hectare of land we own to ultimately deliver enhanced value for our shareholder, the State," said Coillte's chief executive Fergal Leamy.
Coillte has announced that it had started a formal sale process to find buyers for the following stakes in windfarms operating on its land:
Raheenleagh, Co Wicklow. Joint venture with ESB (50%).Cloosh Valley, Go Galway. Joint venture with SSE (50%).Castlepook, Co Cork. Joint venture with ESB (50%).Sliabh Bawn, Co Roscommon. Joint venture with Bord na Móna (25%)."The fact that we have realised assets with an equity investment of €25m that may trade for a value greater than €125m illustrates the potential value we can create from every hectare of land we own to ultimately deliver enhanced value for our shareholder, the State," said Coillte's chief executive Fergal Leamy.
The company said it will also look for investors to acquire two more future windfarms currently at the final planning review stage.
Coillte will continue to receive land lease income from the windfarms after their sale.
The company plans to re-invest proceeds from the divestment into its core forestry business, co-funding of new wind farms and other strategic opportunities. Coillte is engaged in a plan to generate 1,000MW of renewable energy from its estate by 2030, representing around one-third of Ireland's residential and business needs.
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