SSE Renewables sells £51m Tyrone wind farm

SSE Renewables said it agreed to sell its 18.8MW Slieve Divena II Wind Farm in Northern Ireland to Greencoat UK Wind for £51 million.

Slieve Divena II was developed by SSE Renewables near Ballygawley, Co. Tyrone, and comprises eight 2.35MW Enercon E-92 wind turbines.

Slieve Divena II is capable of generating enough energy to power 16,300 homes.

The wind farm is adjacent to the 30MW Slieve Divena wind farm, which Greencoat acquired in 2017.

The transaction is expected to complete by the end of March 2020. SSE intends to use the proceeds to reduce net debt.  

“SSE Renewables is entering into an Asset Management Agreement to manage the wind farm on behalf of Greencoat following the sale while SSE’s retail arm in Ireland, SSE Airtricity, will continue to have the offtake of the green energy generated at the site,” said SSE Renewables.

“SSE Airtricity will continue to operate the annual Community Fund for Slieve Divena II on behalf of new owners, Greencoat.”

SSE Renewables managing director Jim Smith said:  “The sale of Slieve Divena II to Greencoat UK Wind extends our longstanding relationship with Greencoat as a renewable investment partner on wind energy assets in the UK and Ireland.

“This sale is a further example of how SSE Renewables is creating high quality assets aligned with the transition to a low carbon economy.

“Strategic asset disposals are in line with our longstanding approach to create value from the development and operation, as well as ownership, of renewable energy assets, and supports our ongoing future investment strategy to develop and build more onshore and offshore wind farms in our core markets of the UK and Ireland.”  

About the Author

Mark McSherry
Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.