One of Northern Ireland’s largest wind farm developments has been sold to Italy’s biggest renewable energy firm.
ERG Renew has bought Brockaghboy wind farm from TCI Renewables. It’s located just outside Garvagh in Co Londonderry.
The development has permission for up to 19 turbines, which have the potential of generating 57MW of power.
The latest deal for Brockaghboy was completed alongside Belfast law firm Pinsent Masons.
Pinsent Masons’ Martin McGonigle said: “As one of the world’s leading energy legal teams, we believe this deal offers the market clear direction on how to mitigate legislative risk, but also maximise value from this excellent project in Northern Ireland.
“We believe the structure achieved successfully with ERG will be used increasingly on projects throughout Europe during periods of similar regulatory transition.”
Peter Craig, director of TCI Renewables, said: ‘We are pleased to be working with ERG Renew under a development services arrangement where they finance the construction of Brockaghboy wind farm and we jointly work to delivering the operating asset and sharing the realised value of this high quality project.”
Meanwhile, renewable energy investment management group NTR has secured the first of a number of project debt facilities for wind projects.
That will include the financing of the Ora More wind farm, a 15 MW farm based in Co Fermanagh.
NTR was advised by law firm Carson McDowell Solicitors. Neasa Quigley, the firm’s head of energy, described the deal as “substantial”.
She added: “The renewables sector in Northern Ireland is facing a challenging period and the investment in the region made by the NTR fund, which is backed by long term institutional investors to the tune of €250m (£193m), is very welcome.
“The renewables sector already makes a huge contribution to the economy in terms of job creation, securing energy supply and decarbonising the economy by increasing the percentage of green energy in the system.”
Last week it was confirmed that the subsidy system for large on-shore wind energy projects in Northern Ireland will end in April.
But the system for smaller, single turbine projects will continue.
According to figures released by the Department of Enterprise, Trade and Investment last week, renewable energy accounted for 25.4% of electricity consumption in Northern Ireland in the year ending December 2015 – the highest proportion on record.
And wind energy claimed the largest share of the renewables contribution at 90%.
Renewables’ contribution of 25.4% was up 6% on the year before. Earlier this year, it was claimed that onshore wind energy could become cheaper than new gas generation by 2020 if the policy and regulatory conditions are right.
That was the message delivered by the renewables industry during the Northern Ireland Renewable Industry Group conference in January.
However, it also warned that investment and jobs will only come if the Northern Ireland Executive delivers a sustainable, secure energy system for all.
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