Eddie O’Connor is understood to be starting a new venture together with the corporate finance manager of Airtricity, Fintan Whelan. O’Connor stepped down as head of the wind energy company after it was sold to Scottish & Southern Energy for €2.2 billion.

He made €45 million from the deal, but a management buyout bid by himself and Mr Whelan failed. It is thought that the new venture is being backed by Investec and JP Morgan.

Airtricity chairman Jim Barry said: “I would like to sincerely thank Eddie for the leadership and commitment that created the great success that Airtricity is today.

“With the change of ownership, Eddie has decided that the time is right for him to devote his talents and energies into new challenges and opportunities.”

O’Connor will be replaced as Airtricity head by former chief operating officer Paul Dowling.

Ben Meggeson

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