China’s CGN to take stake in Gaelectric wind portfolio

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China’s CGN to take stake in Gaelectric wind portfolio

China General Nuclear Power Corp (CGN), the largest nuclear power operator in China, has announced that it has been selected as the preferred bidder for the purchase of a majority stake in Gaelectric's wind farm portfolio in Ireland.

The total investment of the portfolio amounts to about €690 million (US$758 million).

According to sources, US infrastructure investment manager I Squared Capital was also interested in the acquisition of the portfolio.

Gaelectric's wind portfolio comprises 22 onshore projects on the island of Ireland together with interest in a major offshore development project in the north Irish Sea and onshore development projects in the United States. The company currently have seven operational projects in Ireland with a total generation capacity of 174 MW.

CGN Wind Energy Limited, a subsidiary wholly owned by CGN, specializes in investment and development, engineering and construction, and production and operation of wind power projects. The company's wind project portfolio includes two farms in UK (36 MW Green Rigg Northumberland Wind Farm and 24.6 MW Rusholm Wind Farm), a French project ( 12 MW Charmont-sous-Barbuise Wind Farm), another wind farm in Australia (19.5 MW Mortons Lane Wind Farm) and 6 wind farms in China.

Last month, the company announced the agreement to buy another wind project in Belgium from Windvision. The Estiness wind farm has a total capacity of 81 MW.

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