LONDON, United Kingdom – 16 February 2017 - DNV GL successfully completed its vendor’s technical due diligence of a portfolio of Irish wind farms for Gaelectric Holding plc. The portfolio is to be purchased by major Chinese investors CGN Europe Energy. CGN Europe Energy is the European renewable investment arm of China General Nuclear (CGN) Power Group – the group that holds a 33% share of the new £18 billion Hinkley Point C nuclear power station in Somerset, UK.
Having acquired three UK wind farms in 2014 totalling 73 MW, CGN Europe Energy are further broadening their renewables operations within the European market, by purchasing this portfolio of wind assets in Ireland from Gaelectric Holding plc.
Gaelectric Holding plc, an independent developer and operator, commissioned DNV GL's Project Engineering specialists to complete vendor's technical due diligence of 14 wind farms, totalling around 230 MW. The assets comprise ten existing wind farms of around 184 MW and a further four wind farms, which are expected to generate around 46 MW and to be fully operational by summer 2017. The portfolio consists of seven locations in Northern Ireland and seven in the Republic of Ireland.
The vendor's technical due diligence provides an independent evaluation of a project's technical risks – and highlights the realisation impact of these risks – on the safe and profitable construction and ultimate operation of the assets. Where appropriate, mitigation measures have been proposed to ensure that safe and profitable outcomes are achieved.
Barry Gavin, Chief Executive Officer, Gaelectric, said: “As part of Gaelectric’s portfolio sale of around 230 MW of wind assets, we required an independent technical assessment. DNV GL conducted this third-party evaluation of our portfolio, and helped us to confirm the energy production assessment and technical capabilities of the operational and under construction wind farms as well as to provide comfort on any risks or future costs that any potential purchaser may be exposed to. DNV GL’s global reach and experienced local experts makes them an important resource for validating the value of any asset.”
Fraser Ibbotson, Senior Engineer, Project Engineering, DNV GL, commented: "We have been delighted to work with Gaelectric and contribute to the successful sale of such a large and impressive portfolio of wind farms across Northern Ireland and the Republic of Ireland. The magnitude of the sale required close cooperation between all parties involved to deliver an in-depth analysis in a very short time frame.”