Coillte and ESB launch a joint venture in renewable energies
Coillte and ESB have announced a new 50/50 joint venture as the two semi-public trading companies join forces for the development of renewable energy.
FutureEnergy Ireland aims to materially help the country meet its green energy goals, reaching net zero emissions by 2050, as outlined in the government’s climate action.
The Coillte-ESB joint venture seeks to actively lead the country’s transition to a low-carbon economy by developing 1 GW of wind projects by 2030.
That’s enough to power more than 500,000 homes.
FuturEnergy Ireland plans to develop commercially successful wind farms while maximizing support from local communities.
Wind farm projects have the potential to play a key role in a green economic recovery by creating jobs in rural areas and developing a green industrial sector, while funding local development and improving amenities for local communities. Home.
The portfolio of wind farm projects proposed by Coillte and its Renewable Energies division has now been transferred to FuturEnergy Ireland.
The majority of projects in the pipeline are preparing to enter the planning system or are in the planning process pending adjudication.
Imelda Hurley, Managing Director of Coillte, said the launch of FuturEnergy Ireland is a significant milestone for the company and the culmination of over 20 years of experience in the industry.
“This sees all of our renewable energy business transferred to the new joint venture, which aims to deliver 1 GW of renewable energy projects by 2030,” said Ms. Hurley.
“This makes Coillte a key player in Ireland’s transition to a more sustainable future in power generation, a central part of the 2020 government agenda, Ireland’s climate action plan and plan. of national development (2021-30) “, she added.
Paddy Hayes, Managing Director of ESB, said the company believes developing and connecting renewable electricity makes a real difference to the customers and the communities it serves, bringing us closer to Net Zero.
âESB’s commitment to FutureEnergy Ireland is built on a solid history of successful partnerships with Coillte. This is a significant investment in building a better future, âadded Mr. Hayes.
The new company is headed by Managing Director Peter Lynch, former Managing Director of Coillte’s Renewable Energy Division.
âWith the very strong mandate received from its two shareholders, FuturEnergy Ireland is well positioned to have a lasting and positive impact on the Irish renewable energy sector by providing wind farm infrastructure for the benefit of all stakeholders, including communities. local hospitality, âLynch said.
âBy successfully advancing its portfolio of projects, FuturEnergy Ireland can become an industry sector leader and a standard-bearer for the responsible development of renewable energy infrastructure,â he added.
Environment, Climate and Communications Minister Eamon Ryan said the 2021 Climate Action Plan sets a more ambitious target of up to 80% of electricity produced from renewables by 2030, further reducing greenhouse gas emissions across the country.
“Onshore wind has been the predominant renewable technology to date, has brought tremendous benefits to Ireland and will continue to play an important role in reaching this 80% level,” said Mr Ryan.
“This ambitious joint venture between Coillte and ESB, with its mandate to deliver 1 GW of renewable energy by 2030, is well placed to demonstrate real leadership in achieving our national climate goals,” a- he added.