The Beam Hill wind farm, located close to Lough Doo in Inishowen, has been involved in a multi-million euro renewable electricity deal
A multi-million euro deal involving an Inishowen wind farm has been signed.
Greencoat Renewables, the listed renewable energy investment firm, signed the lucrative deal with PrepayPower, the electricity provider, to sell renewable electricity from its wind farm in Inishowen.
Under the terms of the long-term power purchase agreement (PPA), PrepayPower will purchase renewable energy from Greencoat’s Beam Hill wind farm for the next five years.
The renewable energy investor bought the 14.0MW Beam Hill wind farm for €10.5 million in 2019.
The Inishowen wind farm consists of eight Vestas V66 turbines that have been operational since November 2006.
The deal will provide Greencoat with certainty of demand from the electricity market, now that the wind farm is outside the government support schemes.
Meanwhile, the deal will allow PrepayPower to fix a portion of its electricity costs for the next five years, which should in turn provide more stable prices for customers.
Greencoat Renewables operates 18 wind farms across Ireland and three in France.
The company recorded operating profits of €63.5 million from its wind farms, while paying out almost €40 million in dividends to its shareholders
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