€65m boost for Energia projects

WORK on a €72 million 51-megawatt wind farm in Co Tyrone is to commence immediately after Energia raised €65m to finance the project which is part of its all-island renewable energy plans.

€65m boost for Energia projects

Energia, a member of the Viridian Group, disclosed last night that it had secured investment in 51MW of electricity capacity in new wind farms at Crigshane and Church Hill in Co. Tyrone. The development forms part of Energia’s all-island renewable energy plans.

Energia said it has completed €65m in non-recourse project financing with Nord/LB and Rabo- bank, for an 18-year term.

Energia has contracted for 22 state-of-the-art Enercon turbines with civil works contracts awarded to Adman Civil Projects and PT McWilliams.

Energia has secured €115m in funding for over 100MW of renewable energy developments across Ireland. Remaining funding will come from Irish portfolio financing with RBS, Bank of Ireland and National Australia Bank.

By 2012, Energia plans to be the largest independent renewable off-taker on the island of Ireland with 740MW, around 25% of the Irish renewable market. It currently has long-term power procurement agreements (PPAs) in place with 255MW of operating wind farms and other renewables, with a further 485MW scheduled to be operational by 2012.

Energia’s managing director of renewables Peter Baillie said: “We are very pleased with the vote of confidence from leading renewable lenders Nord/ LB and Rabobank.

“We have been working closely with Nord/LB as debt adviser for the last two years to achieve this financing and we strongly recommend their expertise in the renewable sector.

“We are delighted to make this step change in our wind farm investment programme.”

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