€50m set to be invested in wind farm

Some €50m is set to be invested in a wind farm project that is hoped will be in operation in 2011 in the west of Ireland, reports the Irish Times.

State company Bord Gais Eireann has stated that it has bought a 30 megawatt wind farm development from a group of local developers, thought to be in the east County Galway region.

Enough electricity should be generated to power 10,000 homes , with the project thought by industry sources to cost €6m, although this value could be cut because of licensing difficulties or potential planning.

However, the project is set to put increased pressure on smaller wind farm developers.

The smaller companies are currently running into problems securing enough money to complete projects, allowing bigger companies to step in and buy them up, thus consolidating the industry.

Meanwhile, the Minister for Energy Eamon Ryan is hoping to support the expansion plans of Bord Gais Eireann by increasing its borrowing limit to €3bn, the Irish Times also recently reported.

The current borrowing limit of the natural gas distributor and supplier is €1.7bn.

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