GE buys two Irish wind farms
US industrial giant GE has made its first equity investment in Ireland’s wind market by acquiring two projects totalling 51MW from developer Element Power.
GE Energy Financial Services bought the The 34MW Barranafaddock project near Ballyduff, Co. Waterford and the 17MW Acres near Ballyshannon, Co. Donegal.
Both wind farms will use GE 2.85MW turbines.
Completion of Acres and Barranafaddock is due in the first and second quarters of 2015 respectively.
Element Power is overseeing construction of the wind farms and will manage their operation post-completion.
Financial terms of the deal were not disclosed.
Andrew Marsden, European leader at GE Energy Financial Services, said: "The combination of Ireland's strong wind resources with a stable regulatory regime and well-structured feed-in tariff for wind energy present attractive growth opportunities."