A Gaelectric spokesperson has refused to comment on reports that it may be preparing to sell a €750m stake in its Irish windfarm portfolio.

Its comes amid speculation that the company, which has 22 onshore wind farm projects in Ireland, may sell part of this.

Gaelectric has wind farms across Ireland and the UK, with a total generation capacity of 174MW, but this is expected to grow to 400 MW by 2017.

It is understood that when equity and debt are removed from the €750m asking price, there could be an equity value of between €250m and €350m up for grabs.

In addition, this week Gaelectric Holdings plc announced it had completed the purchase of the 16 turbine, 46 MW Cloghboola Wind Farm in Co. Kerry, from Enercon, for €60 million by securing a non-recourse debt package from German bank Nord/LB.

Founded in 2004, Gaelectric has become a leading independent developer and operator of renewable energy projects in wind, bioenergy and solar in Ireland and the UK.

With business divisions in wind energy, solar energy, bioenergy and energy storage, Gaelectric is also developing energy storage projects in Northern Ireland, Great Britain and on the European mainland.

A 2014 report on the wind energy sector by an international consulting and engineering consultancy concluded that by Ireland harnessing wind energy it could save €700 million a year in fossil fuel imports and reduce the country’s dependency on energy imports.

In 2013 the Irish Wind Energy Association announced that Ireland will see a total of €4.7bn invested in onshore wind energy projects by 2020 and will more than double its production of clean indigenous and renewable energy.