Electrawinds sells stake in Ballycadden

The Ostend (West Flanders)-based green energy producer Electrawinds has sold its 51% stake in the Ballycadden Wind Farm in County Wexford, Ireland. Electrawinds is currently experiencing financial difficulties and has asked for protection against its creditors while it tries to sort things out. The buyer is reported to be the Impax Asset Management that is based in the City of London.

Electrawinds is refusing to give any detail about the financial aspect of the deal and the consequences it has for the company’s restructuring plan. Thursday’s edition of the financial daily ‘De Tijd’ reports that Electrawinds will be able to pay off around 5 million euro of its debts as a result of the sale.

However, this is just a fraction of what the company owes.
In a press release Electrawinds says that the sale “forms part of our intention to concentrate on core markets”.

The Ballycadden Wind Farm in County Wexford was built in 2010 and has an output capacity of 24.2 megawatts.

On Monday Electrawinds asked for protection against its creditors. The commercial court will decide next Thursday whether Electrawinds’ request will be granted.