Island Renewable targets EUR 20m in equity for solar, wind parks - report

Nov 26, 2013 - Island Renewable Energy of Ireland needs to raise as much as EUR 20 million (USD 27m) to support future solar and wind farm projects in Portugal, Ireland and Wales, a local daily said on Tuesday.

The Irish Times said today that the company expects to secure up to 50% of the needed funds from high net worth clients of Dublin stockbrokers. It is also discussing investments with a number of unnamed companies. CEO Michael King told the Irish newspaper that the company intended to install 100 MW of green power capacity per year over the coming four years. It has 700 MW in the pipeline.

According to the report, Island Renewable Energy has hired US consulting firm Deloitte Consulting to help it in the search for investors for projects in Portugal. In the southern country, the company has won a 60-MW wind project that is worth EUR 80 million, while it is also to start construction of an 8-MW solar system in 2014. In Wales, Island is to start work at three solar park sites next year, while in Northern Ireland it intends to soon file for 50 MW of wind farms. The company is involved in several other projects, including schemes in the Canary Islands.

The Irish Times said that the first 100 MW of projects will need some EUR 36 million in total equity. Island’s partners on a number of schemes are expected to help in that matter.

(EUR 1 = USD 1.354)

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