SSE buys Irish wind-farm giant

Scottish and Southern Energy has agreed to buy Irish wind-power firm Airtricity in a £1.1bn deal.

Airtricity is one of the biggest developers of wind farms in the world. And this is a pretty big deal, to say the least. In fact, it’s f8%*ing massive.

This has got to be one of the biggest renewable energy deals to date – well for the UK anyway. We’re unsure about the rest of the world.

Ian Marchant, Chief Executive of SSE, said: “The combination of SSE’s and Airtricity’s interests in renewable energy will provide an excellent platform for future growth, which will be made much more achievable by combining SSE’s financial strength with Airtricity’s outstanding ability in project development. I am looking forward to working with the Airtricity team.

“Seven major public policy developments took place during 2007 alone, all of which point towards a material step-change in the amount of renewable energy that will be required in the future. The range of investment opportunities now available to SSE in renewables will become increasingly important as the world becomes more carbon constrained and the EU becomes more concerned about energy security. Demand for renewable energy is only going to go up.

“In one step this acquisition moves SSE forward in onshore wind, offshore wind, Ireland, Europe and China and gives added momentum to the increasing scale and broadening scope of SSE’s activities which has been achieved over the past few years.

Airtricity runs wind farms in the UK, Ireland, continental Europe and China.

The agreement is subject to clearance by the Irish Competition Authority and by the Irish and Northern Ireland energy regulators and the acquisition is expected to be completed in the first quarter of 2008.