SWS gets funds for more wind power

Natural resources group SWS has secured funding that will allow it to expand and develop its windfarm division.

SWS has five windfarms that are already operational in Ireland

SWS has five windfarms that are already operational in Ireland

A deal for Euro 300m from Ulster Bank secures half of the funding it needs for the operations on three existing windfarms and financing three-further wind projects.

The Cork-based group already has five operational windfarms in Ireland which have a total capacity of 100MW and projects that would total a further 420MW in different stages of development.

Ulster Bank, sole underwriter of the deal, told the Irish Examiner: "Since the Irish electricity market was liberalised in 2005, renewable energy financing has become a very important part of our business.

"The drive to meet the renewable energy targets set down by the Irish Government has opened up a number of opportunities for business."

SWS chief financial officer Chris McCarthy pointed out that with demand for electricity growing at a rate of 6% a year, this is a good time to develop the business.

The company has also built a bioenergy plant and is developing its forestry business.


| renewables | wind energy


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