SEP secures first Irish injection
Equity investment in 4.6MW Curraghderrig wind farm in Kerry
Scottish Equity Partners (SEP) has provided project finance for the construction of Rengen Power’s 4.6MW Curraghderrig wind farm in Ireland.
The €8.7m project is located on the south west coast of Ireland in Kerry and comprises two 2.3MW Enercon E-70 turbines, each with a hub height of 64 metres.
The turbines have been installed and the project will be operational in September.
Enercon is delivering the construction of the turbines under an engineering, procurement and construction contract, and will carry out operational and maintenance responsibilities for the wind farm under a 15-year contract.
Irish utility company Vayu has entered a power purchase agreement to acquire all the electricity produced at Curraghderrig.
SEP made the equity investment through its Environmental Capital Fund (ECF), alongside a long term senior debt facility from Bank of Ireland.
SEP infrastructure team director Peter Bachmann said: “The transaction represents ECF’s first investment in Ireland and the start of a development partnership with Rengen designed to grow ECF’s portfolio of high performing wind assets across both Ireland and the UK.”
Image: Enercon E-70 (Enercon)