Element Power, the global renewable energy developer has announced that it had sold two of its Irish wind projects to a fund managed by BlackRock, one of the world's largest asset managers.

The sale of the 9.2MW Garranereagh wind farm in Co. Cork and the 36MW Monaincha wind farm in Co. Tipperary reaffirms the increasing attractiveness of Ireland to renewable energy investors. Element Power, who developed the wind farms and structured the finance for their construction, will build and operate the projects for BlackRock.

The transactions, which achieved completion on 7 December 2012 and 27 March 2013 respectively, mark the first collaboration between the two parties.

-- Advertisement --

Mike O'Neill, President & COO of Element Power said: "I am delighted that financial close has been reached on these projects that are a testimony to the skill and dedication of the Element Power team within and outside of Ireland. We are proud to partner with an organization of BlackRock's calibre."

Jim Barry, Managing Director at BlackRock, commented: "We are pleased to have invested in the Irish wind energy sector and in particular the Garranereagh and Monaincha wind projects represent an exciting investment opportunity for BlackRock’s clients. We look forward to developing our relationship with Element Power, an experienced international developer in the renewables sector."

The sale of these two projects from Element Power's wind portfolio demonstrates the company's successful strategy to invest in the development of projects in Ireland through to financial close and beyond. Element Power Ireland is leveraging the expertise and experience of its market-leading team, that are also being utilised in pioneering the export opportunities currently present in the Irish midlands.

(CD/H)