Coillte-ESB launch renewable energy joint venture with ambitious 2030 targets

FuturEnergy Ireland will build wind farm developments on Coillte-owned land

FuturEnergy Ireland hopes to develop one gigawatt of wind energy projects by 2030, which it said would be enough to power more than 500,000 homes.

State forestry company Coillte and the ESB have launched their long-awaited renewable energy joint venture, targeting a boost in onshore wind farm development.

The equally-held joint venture, to be called FuturEnergy Ireland, will see the venture build wind farm developments on Coillte-owned land.

The Government is targeting 70% of the country’s electricity generation coming from renewable energy sources, such as onshore and offshore wind, by 2030.

FuturEnergy Ireland hopes to develop one gigawatt of wind energy projects by 2030, which it said would be enough to power more than 500,000 homes.

Coillte and the ESB reached agreement on the joint venture in late 2019, but completion of the deal was delayed until final approval receipt from the Government, the EU and the Competition and Consumer Protection Commission.

"FuturEnergy Ireland can become a sectoral industry leader and standard-bearer for the responsible development of renewable energy infrastructure," chief executive Peter Lynch said.

Coillte’s portfolio of proposed wind farm projects and its existing renewable energy division has now transferred to FuturEnergy Ireland. The majority of projects in the pipeline are either preparing to enter the planning system or are in the planning process awaiting adjudication.