Airvolution to start work on 4.6-MW wind project in Wales

Oct 4, 2012 - UK small wind farm developer Airvolution Energy Ltd today said it would break ground on its first project, a 4.6-MW facility in Wales, this month after securing financing.

The company has closed financing worth more than GBP 7 million (USD 11.3m/EUR 8.7m) for its two-turbine Ysgellog project in Anglesey, with the The Co-operative Bank, part of UK consumer cooperative The Co-operative Group.

The agreement marks the first financial close for Airvolution since it was set up in 2010. The company is owned by ESB Novusmodus, a clean-tech and renewable vehicle, funded by Irish utility Electricity Supply Board (ESB).

German wind turbine maker Enercon has been contracted to supply the two turbines, which are expected to be delivered in February to the Ysgellog plant site. The balance of plant work will be carried out by Raymond Brown, while the power generated will be sold to SmartestEnergy, a buyer and supplier of independently produced electricity, through the government's feed-in tariff scheme.

"With four more consented projects in our portfolio we hope to announce more financings very soon," Airvolution chief executive Richard Mardon said. In addition to the Ysgellog project, Airvolution says it has around 15 MW of permitted capacity and 14 MW in the pipeline. The company also aims to file applications for 60 MW by the year end and another 80 MW in 2013.

(GBP 1.0 = USD 1.615/EUR 1.244)

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