Consortium to finance Irish energy project

A private equity group which is being led by the Ulster Bank is producing the funding towards one of Ireland's largest energy projects to date.

It has taken four months for the consortium to put together the €100m worth of finance to enable the construction of a 57MW stand-alone wind energy site.

The long-term finance of the site, which is to be based in Boggeragh, County Cork, will help to boost the electricity needs of many households across Ireland, with up to 30,000 homes set to be supported.

Many companies are taking a predominant role in the site’s development.

The Green Energy Company is the firm behind the wind farm, while energy developer Wind Prospect has been appointed as general manager.

Also, the project has a European feel, with Scandinavian wind energy operator Vestas Wind Systems supplying, installing and commissioning 19 turbines.

Klaus Mortensen, president of Vestas Northern Europe, a wholly owned subsidiary of Vestas Wind Systems, said: “We are delighted with the continued commitment which the Green Energy Company has shown Vestas.

“This contract award enhances our sustained market leadership in Ireland and supports our planned activities in Ireland.”

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