SSE Renewables and Bord na Móna have announced a new 50:50 joint venture aimed at delivering up to 800MW of new renewable onshore wind energy in Ireland. The partnership will focus on developing onshore wind projects across suitable locations in the Midlands, utilizing Bord na Móna's landbank through land lease option agreements.
As part of the agreement, SSE Renewables will contribute approximately €50 million in initial equity for a 50% stake in the 800MW development portfolio. However, the actual delivery of the 800MW portfolio is contingent upon each project obtaining planning consent, securing a route to market, and connecting to the grid.
Prior to development, Bord na Móna and SSE Renewables will jointly decide on the final investment for each project to proceed to construction. SSE Renewables will take the lead in financing the planning consent phase, covering 100% of the costs. Once planning consent and grid access are secured, both companies will equally fund the development, with a 50:50 split in costs through full business case approval and during the construction phase.
