Ivis Energy obtains financing for 87.15 MW of wind parks in Ireland

Jul 17, 2013 - Ireland-based electricity producer Invis Energy said on Tuesday it had raised EUR 160 million (USD 210m) for two wind projects in western Ireland of 87.15 MW in total.

The company, which generates electricity from onshore wind parks, said Norddeutsche Landesbank and DNB Bank had extended the construction and project financing for its 42.8-MW Leitir Gungaid wind scheme, to be built in Galway. It will be powered by 17 turbines of German wind turbine maker Enercon. The facility is scheduled to kick off operations in the middle of next year.

The second wind farm of 44.35 MW, named Knocknagoum, will be installed in western Ireland's County Kerry. It will be put on stream at the end of 2013.

Together, the two wind power facilities will generate enough power to meet the electricity needs of 60,000 homes, once operational. They are also estimated to mitigate 145,000 tonnes of carbon dioxide (CO2) emissions per year.

Ivis Energy plans to install almost 300 MW of wind capacity in the following three years and eyes even more after that, according to Michael Murnane, managing director of Craydel Group, which owns Ivis Energy together with HgCapital LLP.

(EUR 1.0 = USD 1.315)

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