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.
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.