GE Energy Financial Services, a unit of GE (NYSE: GE), made its first equity investment in Ireland’s wind power by acquiring two wind farm construction projects, from Element Power, that will be powered by GE’s 2.85-MW wind turbines.
The Acres and Barranafaddock wind farms, outside of Dublin, have a combined capacity of 51-MW.
Element Power is managing construction and will provide management services following completion of the farms.
Acres wind farm is expected to be complete in the first quarter of 2015; and Barranafaddock is scheduled for completion in the second quarter of 2015.
The wind farms will help Ireland meet its goal of generating 40 percent of its electricity from renewable sources by 2020, and will offset up to 75,000 tons of greenhouse gases.
Financial terms of the sale were not disclosed.