TRIG : Renewables Infrastructure buys Irish wind farm
The Renewables Infrastructure Group has bought a wind farm in Ireland for €17.3m. Taurbeg wind farm is capable of producing 25.3MW. It is located near Rockchapel, County Cork in the Republic of Ireland and was developed by the RES group. The project includes eleven Siemens wind turbines, each with rated capacity of 2.3 MW, and has been operational since March 2006. The Taurbeg wind farm received full planning permission in February 2003 and is contracted to supply power to ESB under the Alternative Energy Requirement (AER VI) Power Purchase Agreement.
Operations and maintenance services are provided by RES, with a power purchase agreement in place with SSE Airtricity. With revenues derived predominantly from power sales, Taurbeg provides an attractive expected cash yield. The project has no third party debt.
RES (Renewable Energy Systems UK & Ireland Limited), is part of the group which acts as the Operations Manager to TRIG. The Renewables Infrastructure Group has a Right of First Offer Agreement with RES. The deal was approved by TRIG’s Investment Committee (comprised wholly of senior members of InfraRed Capital Partners, the Company’s Investment Manager).