GE Energy Financial Services has made its first equity investment in Ireland's wind power market by acquiring two wind farm construction projects that will be powered by GE's 2.85 MW turbines.
The wind farms, acquired from Element Power, will have a combined capacity of 51 MW. Element is managing construction of the projects and will provide operational management services. Construction completion of the 17 MW Acres project and the 34 MW Barranafaddock project is scheduled for the first quarter and second quarter of 2015, respectively.
"The combination of Ireland's strong wind resources with a stable regulatory regime and well-structured feed-in tariff for wind energy present attractive growth opportunities for us, our partners and the country," says Andrew Marsden, a managing director and European leader at GE Energy Financial Services.
GE Energy Financial Services says its wind project portfolio spans nine countries, with a capacity totaling more than 12 GW in operation or under construction.