Airtricity sells stake for €15.9m

AIRTRICITY has sold just under half of its stake in a Scottish windfarm for a total of £10.5 million (€15.9 million).

Airtricity sold 49% of the 24 megawatt Ardrossan windfarm to Viridis Clean Energy Group, an Australian Investment Fund.

The Irish firm will retain a 51% stake in the venture and will maintain operational control of the site.

The Ardrossan wind farm comprises 12 two- megawatt turbines and is currently in the final stages of commissioning on the west coast of Scotland.

Once completed, the facility will produce 24 megawatts of renewable energy saving the release of over 65,000 tonnes of CO2 on an annual basis.

The electricity generated from the facility will be sold directly to Powergen under a long-term contract.

Airtricity chief executive Eddie O'Connor said the deal was important as it positions the company to benefit from Britain's support for renewable energy projects.

"This is a landmark transaction in the renewable sector as it clearly demonstrates that the long-term nature of these wind farm assets, with their relatively stable cash flows, are an excellent fit for investment funds complementing the role of project finance banks as capital providers," Mr O'Connor said.

Mr O'Connor also complimented the British government, saying that the change to a new energy minister had been done seamlessly.

Airtricity is currently building the world's largest windfarm off the Arklow coast, capable of generating 520 megawatts of electricity.