SWS gets funds for more wind power

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.