The establishment of a new joint venture between Coillte and the ESB that aims to deliver up to one gigawatt (GW) of clean, renewable energy by 2030, is imminent.
Plans for the estimated €1.5 billion renewable-energy joint venture – FuturEnergy Ireland – commenced in 2019.
Following approval from the Competition and Consumer Protection Commission authority in early 2021 – after an extensive investigation – it is expected that the company will be up and running in the next week or so, an ESB spokesperson told Agriland.
Although a joint venture, FuturEnergy Ireland will operate independently of Coillte and the ESB, and its 1GW clean-energy aim is enough to power more than half a million homes.
The ESB spokesperson added:
“Coillte and ESB continue to progress their transaction to establish a new renewable energy joint venture, with a note issued to Cabinet this week opening the way for a near-term completion.”
The spokesperson said that new company will have a “significant and positive contribution to make towards Ireland’s climate action objectives” as it aims to provide 1GW of clean electricity capacity by the end of this decade.
Coillte and the ESB have already partnered on wind-energy projects including Raheenleagh Wind Farm, near Arklow in Co. Wicklow and Castlepook Wind Farm in Ballyhoura Forest in Co. Cork.