SEP’s Environmental Capital Fund invests in Irish wind farm
Scottish Equity Partners (SEP) has provided project finance to fund the construction of the €8.7 million, 4.6MW Curraghderrig wind farm in the Republic of Ireland. The project was developed by Rengen Power. SEP made the investment through its Environmental Capital Fund (ECF) which is targeted at infrastructure projects in the energy sector.
Curraghderrig will operate two 2.3MW Enercon E-70 turbines, each with a hub height of 64 metres. Ground work and turbine installations have now been completed on the site, with the turbines due to be operational by September 2017. Enercon is delivering the construction under an engineering, procurement and construction (EPC) contract, after which it will assume operational and maintenance responsibilities for the wind farm under a 15-year contract. Curraghderrig will generate sufficient renewable energy to power over 3,100 homes which will save the equivalent of 5,600 tonnes of CO2 each year or the emissions of about 2,100 cars.
Peter Bachmann, a Director in SEP’s infrastructure team said: “Ireland is a key market for the development of new wind assets, particularly in light of the supportive mechanisms in place under the Government’s REFIT system. This is 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.”