SWS announces €500 million investment plans

The SWS Group has announced plans for a €500 million investment programme by its Natural Resources Division.

The programme will see it raise its renewable energy production capacity up to 500MW and will enable SWS to become a major player in the renewable energy sector in the island of Ireland. 500 MW provides enough power to support 325,000 homes.

It is the first major phase of its expansion since being acquired by Ion Equity in December last. The company has also confirmed the successful completion of a €100 million equity and bond fund raising programme.

In the last 6 months alone SWS has acquired the rights to 8 wind farms with a capacity of 208 MW and is proceeding to develop these.

Ion Equity acquired SWS Group from South Western Services Co-operative in December 2006. Neil O’Leary, CEO of Ion Equity commented: “The success of the funding programme last week and the scale of the investment programme we’re announcing today confirms that SWS is becoming a key player in the renewable energy market in Ireland."

"We believe the market will grow strongly in the months and years ahead and we’re determined that SWS will play a key role in that growth.”

When Ion Equity acquired SWS Group at the end of last year, it comprised a large number of diverse businesses including the natural resources division and a significant outsourced services business.

The natural resources business has now been separated from the other businesses. The division now comprises the wind division and strategically important activities in biomass, waste to energy and forestry services.

The company is uniquely positioned in Ireland as having the full suite of requisite skills to identify, develop and operate wind farm assets.

Its team includes experts in wind modelling, environmentalists, foresters, planning consultants, grid experts, electrical and civil engineers, financiers and lawyers.

Tim Cowhig, CEO of SWS Natural Resources said: “ The purchase of SWS by Ion Equity has added financial strength to our sector strength and there is full commitment and resource now in place in SWS to push forward the development of this very important industry in Ireland.”