The wind farm-themed Business Expansion Scheme (BES) will also include an investment of €7.5 million from ICT which will be use to help potentially lucrative technology start-up businesses.

“Through fund-raising in this area, we developed an increased level of knowledge in terms of targeting what are the key risks,” explained Iain Cahill, business development at ITC.

“This knowledge now allows us to review a wider number of proposals. Our investment process is rigorous” and our general aim is to try to de-risk the investment as much as possible.”

He added that the group “fundamentally believe that the wind-energy market is favourable.”

Earlier this week, Ireland’s minister for communications, energy and natural resources Eamon Ryan said that the Aran Islands ‘could be renewable energy independent’ though wave power.

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