UK venture firm in Enercon deal
SCOTTISH Equity Partners (SEP) have announced that it has provided project finance to fund the construction of the €8.7 million, 4.6MW Curraghderrig wind farm near Asdee.
SEP is a UK venture capital firm. Operating from offices in London, Glasgow and Edinburgh, it makes equity investments of up to £20 million in high growth technology, and technology enabled, companies.
The project was developed by Rengen Power. SEP made the investment through its Environmental Capital Fund (ECF) which is targeted at infrastructure projects in the energy sector.
The wind farm will operate two 2.3MW Enercon E-70 turbines, each with a hub height of 64 metres.
Ground work and turbine installations have now been completed on the site, with the turbines due to be operational by September 2017.
Enercon – which has its Irish base at Kerry Technology Park in Tralee – is delivering the construction of the turbines under an engineering, procurement and construction (EPC) contract, after which it will assume operational and maintenance responsibilities for the wind farm under a comprehensive 15 year contract.
“Ireland is a key market for the development of new wind assets, particularly in light of the supportive mechanisms in place under the Government’s REFIT system,” said SEP Infrastructure Team Director Pater Bachmann.
“The transaction represents ECF’s first investment in Ireland and the start of a development partnership with Rengen designed to grow ECF’s portfolio of high performing wind assets across both Ireland and the UK. At Curraghderrig we will have market leading wind turbines in a proven high wind location,” said Mr Bachmann.
The CEO of Rengen Power, Eugene Keane said his company is now actively pursuing other development opportunities across Ireland.
“We are excited about the potential of these opportunities and look forward to delivering large scale projects in due course,” he said.