RENEWABLE AND energy storage company Gaelectric has said it has set up a joint venture in the United States with a value of up to €30 million over the next four years.
The partners in the venture are Airdynamics LLC, which currently operates in the states of Idaho, Oregon and Washington. Dolmen stockbrokers advised on the deal.
Gaelectric has said the deal will assist it in expanding its existing wind presence from Montana, where it has had operations since 2006, further into the northwest.
The new entity will trade as Gaelectric Northwest and expects to secure a pipeline of 4,000mw (megawatts) over the next fives years. Gaelectric is currently developing wind farms in Ireland and Montana.
It is actively seeking joint ventures and partnership opportunities in Europe and the US, both onshore and offshore. It currently has four wind farms in Ireland.
The principal shareholders are the founders of the group, Eamon and Brendan McGrath.
Commenting on the US opportunity, chief executive Brendan McGrath said: "There is a significant move from carbon-based sources of energy to renewable in the US.
"Having established ourselves in some of the windiest states in the US presents us with a tremendous opportunity to contribute to the growing US need for secure local energy supply."
The chief executive of Airdynamics, John Laney, said: "This is an excellent example of where a joint venture between an experienced team such as Gaelectric, allied with our local connections and existing pipeline of projects, can help to quickly establish critical mass and a timely and quality build-out of projects."
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