Aug 27 2010
Finavera Renewables Inc. has sold majority interest of its Gate 3 grid-connection from Eirgrid to Scottish and Southern Energy (SSE) for €8.4 million. Moreover, Finavera Renewables has inked numerous agreements for co-developing the Cloosh Valley Wind Energy Project with 105 MW capacity in County Galway in Ireland.
Finavera Renewables has simultaneously signed a CDA (Co-Development Agreement) with Coillte and SSE. Coillte is the state-owned company for commercial renewables and forestry. This CDA is for jointly developing this Cloosh Valley project. Coillte, the land owner of this project site, has remained a project development partner with Finavera Renewables since 2009. Finavera Renewables will be retaining an equity interest of 10% in the project while participating in all project activities and development functions.
SSE, being one of the leading energy companies, brings significant experience in construction as well as operational experience. Finavera Renewables is totally dedicated towards developing renewable energy sources, while Coillte operates in the areas of forestry, land-based businesses, timber panel products along with renewable energy. This Cloosh Valley wind project has of the capability of providing electricity to about 68,000 homes.
Source: http://www.finavera.com/