Airtricity, the State's largest renewable energy company, will sell a 49 per cent shareholding in its Scottish Ardrossan wind farm to Viridis Clean Energy Group, an Australian investment fund, for £10.5 million (€15.5 million).
The group said it would hold a 51 per cent stake in the project and would remain responsible for its day-to-day management.
The plant is nearing completion on the west coast of Scotland. Once operational it will produce 24 megawatts (MW) of renewable energy, saving the release of more than 65,000 tonnes of carbon dioxide annually.
All the energy generated will be sold to Powergen UK under a long-term contract that will leave both Airtricity and Viridis strongly positioned to benefit from the UK's move towards renewable energy, said the company.
Airtricity's chief executive, Mr Eddie O'Connor, said: "This is a landmark transaction in the renewable sector as it clearly demonstrates that the long-term nature of these wind farm assets, with their relatively stable cash flows, are an excellent fit for investment funds - complementing the role of project finance banks as capital providers."
The British government's commitment to renewable energy was an example to the rest of the world, said Mr O'Connor.
"The renewable energy initiative taken by the government - setting targets for renewable penetration and introducing a market-oriented support scheme - has begun to transform the landscape for investment in electricity generation assets," he said.
Last month, Airtricity signed an agreement for 2.6MW of wind energy from wind-farm developers in Wexford in a deal worth about 7 million.
The wind farm at Greenoge, outside Bunclody in Co Wexford, is under construction and will officially be commissioned in this June.
Under the terms of the deal, Airtricity will purchase 2.6MW of capacity from the facility, which is enough to power almost 1,500 homes on an annual basis.
The rest of the capacity at the facility (2.6MW) will be used to supply power for a contract won under the Alternative Energy Requirement Scheme.
The facility has already secured connection to the national grid
In December, Airtricity announced a partnership with Ridgeline Energy, a US renewable energy developer active in the Pacific Northwest. The two firms are developing wind energy projects using Ridgeline's land bank.
The joint company will be known as Ridgeline Airtricity and will be a 50-50 partnership.
Airtricity is developing several projects in the Republic. One of the biggest is the Arklow Bank project off the coast of Co Wicklow. Other Airtricity wind farms are operating in Cavan, Sligo and Donegal.
