Enercon, AIB to help cut initial costs for small wind projects
Wind farm in Ireland. Author: Harry Pears. License: Creative Commons, Attribution-ShareAlike 2.0 Generic
German wind turbine maker Enercon GmbH and Allied Irish Banks (AIB) have formed an alliance that aims to reduce initial costs for small wind project developers in Ireland, according to a statement on Monday.
Enercon calculates that a new process can help small wind park developers save some EUR 50,000 (USD 56,700) in transaction costs on a typical wind project.
The pair has standardised the documentation and eliminated duplication in the process so that they could lower due diligence costs, which can otherwise be disproportionately high, they explained.
Commenting on the news, AIB’s head of business banking Ken Burke said that the high transactional costs, such as legal and technical advisory fees, have been constraining the availability of capital for small- and medium-sized wind projects over the last five years. This is especially true for schemes below 10 MW in capacity, Burke added.