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Energia secures €48m

December 02

Leading competitive energy firm Energia, a member of the Viridian Group, will deliver an additional 150 megawatts (MW) of renewable power to electricity users through the national grid from several new wind farm developments by 2012.

53MW of developments in Ireland have been financed by a €48m finance facility that Energia has agreed jointly with Royal Bank of Scotland, Bank of Ireland and National Australia Bank, with scope to increase that above 100MW for further Irish projects in the pipeline. 50MW in Northern Ireland have  already been financed separately.

Energia is one of the most significant contributors to the achievement of Ireland’s renewable targets and one of the largest investors in the renewable sector on an all-island basis.  The company currently has 24 MW of directly owned operational renewable energy assets, in addition to the 150MW in construction and development, with a further 565 MW in power purchase agreements (PPAs) already operational, in development or agreed subject to contract.

The 150MWs will come from new windfarms throughout Ireland, including developments in Cork, Donegal, Tipperary and Tyrone. Energia are directly involved in the development of 8 new windfarm projects, and have PPAs agreed with a further 22 separate developments. In addition to this extensive number of windfarms, the company’s renewable portfolio also includes biomass, landfill gas, small scale hydro and ocean power.
 
The green electricity generated by these windfarms will be supplied to businesses across Ireland by Energia which has 17%, rising to 25% by 2012, of the all-island renewable electricity connected supply.  They are Ireland’s leading independent energy business supplying more than 65,000 business customers - over 25% of the business electricity market, and over 30% of the gas market.

Peter Baillie, Managing Director Renewables, Energia, commented, “This additional
150MW of wind power together with 565MW of PPAs will put us in a leading position with 25% of the wind generation market. Demand for renewable electricity is growing rapidly among Irish business and we have consistently increased our renewable portfolio to meet this need.”
 
“We are delighted to have signed a €48m finance facility jointly with Royal Bank of Scotland, Bank of Ireland and National Australia Bank to assist with the development of these windfarms and look forward to adding a further 70MW to the portfolio in the next few months.  Continued investment in green power generation facilities is vital for the future growth of the Irish economy.

Energy Minister Eamon Ryan said, “Over the past 3 years we have doubled the amount of renewable energy on our system and have already surpassed our targets for this year. Renewable power is Ireland’s great economic opportunity. Energia’s investment today is further proof that this green energy is securing finance and creating jobs even in these difficult economic times. It is the perfect stimulus for the Irish economy, helps to bring down electricity prices and set us on a path where we can ultimately export this power to the rest of the world.”

“Since 1999 Viridian has invested over €1.1bn in new energy generation infrastructure in Ireland. This includes developing two gas fired generating plants in north Dublin with a generating capacity of 750 MW.”

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