Energia, a member of the Viridian Group, has achieved financial close for its Eur72 million investment in 51 megawatts of electricity capacity in new wind farms at Crigshane and Church Hill in County Tyrone. The development forms part of Energia’s all-island renewable energy plans.
Energia has completed Eur65 million in non-recourse project financing with Nord/LB and Rabobank, for an 18 year term. Work will commence immediately on these wind farms.
Energia is one of the most significant contributors to the achievement of Ireland’s renewable targets on an all-island basis. The company has contracted for 22 state-of-the-art Enercon E70 2.3 MW wind turbines with substantial civil works contracts awarded to Adman Civil Projects and PT McWilliams.
The Eur65 million financing was structured by Nord/LB who was mandated as Debt Advisor in summer 2008. Based on the strong project fundamentals, Nord/LB underwrote 100% of the financing in spring 2010. Rabobank International joined the financing before financial close as Mandated Lead Arranger.
Energia has now secured Eur115 million in funding for over 100MW of renewable asset development across Ireland and the arrangements are in place for the remaining funding to come from its Irish portfolio financing with RBS, Bank of Ireland and National Australia Bank.
By 2012, Energia plans to be the largest independent renewable off-taker on the island of Ireland with 740MW, around 25% of the Irish renewable market. It currently has long term Power Procurement Agreements (PPAs) in place with 255MW of operating wind farms and other renewables, with a further 485MW scheduled to be operational by 2012.
Energia is Ireland’s leading independent energy supply company with a 25% market share of the business electricity market on an all–island basis with over 65,000 customers. The company also supplies 30% of all gas consumed in Ireland by the country’s business gas users. In addition to renewable assets, the company operates a 750MW gas fired generating station in north Dublin.
Peter Baillie, managing director Renewables, Energia comments: “We are very pleased with the vote of confidence from leading renewable lenders Nord/LB and Rabobank. We have been working closely with Nord/LB as debt advisor for the last two years to achieve this financing and we strongly recommend their expertise in the renewable sector. The addition of Dutch renewable lender Rabobank is a further vote of confidence in Energia’s renewable expertise. We are delighted to make this step change in our wind farm investment programme.”