British group invests in windfarm

BRITISH private equity firm HgCapital has moved to acquire a stake in the company building a windfarm at Sorne Wind in Donegal.

Sorne Wind Limited has raised €40 million from investors to fund construction of the 32 megawatt windfarm at Sorne Hill.

In addition to HgCapital, financing is being provided by IIB Bank and KBC Bank.

The Sorne Hill project will consist of 16 Enercon turbines with a total capacity of 32MWs.

When the project comes on stream next May it will be capable of generating enough power to light over 20,000 homes.

It will also save approximately 60,000 tonnes a year in greenhouse gas emissions, when measured against equivalent fossil fuel generation.

The project will sell electricity to Bord Gais under a long-term contract.

HgCapital is buying the shares held by Sorne Wind’s founder Michael Rouse and John Ward, who are selling out to finance completion of construction.

Tom Murley, a director at HgCapital, said yesterday that the Sorne Hill wind farm was one of the best renewable energy projects in Europe and the firm was looking forward to getting involved in similar investments.

“We are very pleased to become a partner in Sorne Wind.

“Sorne will capitalise on the dual advantages of the area’s superior wind resources and state-of-the-art equipment supplied by Enercon, the global leader in wind power technology,” Mr Morley added.