ESB and Coillte are pleased to announce that funding has been secured for the Castlepook Wind Farm project in Co Cork.
As a result of a co-development agreement between the two companies, the project will be financed with long-term debt from Bank of Ireland.
The Castlepook project represents an overall investment of €64m.
Located in the Ballyhoura Mountains in Co Cork, the 33.1 MW Castlepook Wind Farm will generate enough power for approximately 17,000 households annually.
The wind farm development, which comprises 14 Nordex wind turbines, was granted planning permission from An Bord Pleanála in 2013.
Commenting on the joint venture with Coillte, ESB chief executive Pat O’Doherty said: "This project represents ESB’s commitment to investing and innovating in low carbon and renewable technologies, including wind energy.
"Castlepook windfarm will add to ESB’s existing portfolio of 15 wind farms on the island of Ireland, and will help us achieve of our target of 1,600MW of wind generation capacity by 2025.
"We believe our wind farm investments should deliver long term social, economic and environmental benefits for everyone and we look forward to working with Coillte to delivering this at Castlepook."
A Community Benefit Scheme has been established for the Castlepook Wind Farm which has already supported the construction of additional bike trails within the Ballyhoura Mountain Bike Trails.
An annual community fund for local community projects and initiatives over the lifetime of the wind farm will also be established.
Coillte Chief Executive Fergal Leamy said: "We are delighted to have completed our fourth wind farm project in the last 12 months, involving a total investment value of €400m.
"We are well on our way to completing our ambition of having 350MW of installed capacity in coming years providing power for over 300,000 homes.
"This project is a great example of two companies partnering to maximise the value of their assets and expertise."