China makes first investment in Irish energy market

China has made its first investment in Ireland’s energy market, with the European arm of its state-owned nuclear development company China General Nuclear (CGN) agreeing to buy 14 wind farms from Irish renewable energy group Gaelectric.

CGN Europe is one of the major stakeholders in the UK’s controversial planned £18bn (€21bn) nuclear power plant at Hinkley Point in Somerset and is one of the leading nuclear, renewable and clean energy groups in the world, with $70bn (€65bn) worth of assets on its books and 35,000 employees.

Company heads were in Dublin, yesterday, to sign a deal to buy 230 megawatts of Irish wind energy assets owned by Gaelectric.