STATE-OWNED power company ESB announced yesterday that it has acquired two UK wind farms, a move it says will bring it almost halfway towards its 2012 wind generation target.
A spokesman for the ESB said that for confidentiality reasons, details of the acquisition prices paid could not be divulged.
The two enterprises purchased are Fullabrook Farm in Devon and the West Durham Wind Farm. Construction of a 22-turbine scheme is expected to begin at Fullabrook Farm early next year. The 12-turbine Durham Wind Farm, which was developed and financed by the Banks group, started generating electricity last year.
ESB’s head of wind development Joe O’Mahony explained the deal marks the first step towards achieving the company’s UK wind generation targets set for 2012. “We are committed to developing a balanced portfolio of generation with less reliance on fossil fuels,” Mr O’Mahony continued.
“Market convergence between the UK and Ireland, and delivery of our low-carbon strategic framework, means that ESB sees the UK as a key market.”
“We are delivering on our strategic objectives to become a significant investor in the UK renewables market,” he added.
The ESB launched a major investment strategy in the UK last November as part of its plan to halve its carbon emissions within 12 years and become carbon neutral by 2035. “This includes significant plans to develop or acquire wind energy projects,” the company said. Earlier this month ESB raised more than € 365 million from US financial institutions through a bond sale. It intends to use this money to fund its strategic plan, which will involve a total investment of €22 billion by 2020.
