Rabbalshede Kraft takes over wind farm in Ireland
With long-term owners behind it, Rabbalshede Kraft is strengthening its position as a leading player in renewable energy and expanding its portfolio – now for the first time outside the Nordic region. The Ballycadden wind farm in Ireland, with nine wind turbines and an annual production of almost 70 GWh, marks the start of the company’s expansion into the international market.
“We are proud to add Ballycadden Wind Farm to our portfolio. It is a clear demonstration of the commitment of us and our owners to expand our business internationally,” said Peter Wesslau, CEO of Rabbalshede Kraft.
Ireland is a leading market for renewable energy investment in Europe, much thanks to a positive outlook for electricity demand, stable renewable energy support systems and strong political support for achieving renewable energy targets. Wind power generated 35% of Ireland’s electricity in 2023, in Sweden the corresponding figure was around 21%.
“This project will not only increase our production capacity but also provide us with valuable insights and experience from one of Europe’s most dynamic wind power markets. We are now looking forward to exploring further investment opportunities in Ireland and other parts of Northern Europe,” said Peter Wesslau, CEO of Rabbalshede Kraft.
Ballycadden wind farm is located in County Wexford, Ireland, and consists of nine wind turbines with a total capacity of 24.2 MW. With an annual production of approximately 66.9 GWh, Ballycadden wind farm is capable of supplying electricity to approximately 14 000 Irish households every year. The wind farm, which has been operational since 2013, has provided stable cash flows through a 15-year power purchase agreement (PPA) with the Irish energy company, Energia Group.
Rabbalshede Kraft is taking over Ballycadden wind farm from its owners, TD Greystone Infrastructure Fund (TD GIF), which has been the majority owner of the farm since 2015. The handover clearly demonstrates TD GIF’s intentions and continued commitment to Rabbalshede Kraft.
“Ballycadden was our Fund’s first investment in Europe nearly 10 years ago, and this evolution and expansion of Rabbalshede Kraft through this transaction represents the growth we’ve seen across the continent for our Fund where we now operate in five countries across multiple sectors,” stated Jeff Mouland, Managing Director and Head of Global Infrastructure Investments.
Rabbalshede Kraft will be a co-owner along with nine local landowners. Operation and maintenance will continue to be handled by Ireland-based EnergyPro.
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Read the article online at: https://www.energyglobal.com/wind/16082024/rabbalshede-kraft-takes-over-wind-farm-in-ireland/
