The European Investment Bank (EIB) is to invest €2bn in funding for low-carbon renewable-energy projects across the European Union.
Dublin: 19.04.2014 12.24AM
Lough Shore Investments today announced a significant strategic investment in Northern Irish wind energy firm Simple Power.
Belfast-based Simple Power offers a new approach to medium-scale on-shore renewable energy generation. Simple Power gives landowners the opportunity to generate wind energy on their own land by adopting a single turbine approach.
Simple Power plans to invest more than stg£50m in Northern Irish wind energy over the next five years, producing more than 50 MW of wind energy each year by 2015.
“This venture ticked all the right boxes for Lough Shore Investments. We want to invest in high-potential management teams and partner with them to build great businesses," said Danny Moore, Lough Shore Investments principal.
“Simple Power is committed to helping Northern Ireland generate 40pc of its energy by 2020. In order to achieve this goal, we will be looking to further develop energy possibilities in the areas of off-shore wind, biomass and hydro power. This is just the beginning.”
Paul Carson, CEO of Simple Power, said, “the Simple Power model is built on a strong belief of dealing openly, honestly and fairly with landowners and farmers. They’re integral to our business model and we have no doubt this unique approach will make Simple Power the primary renewable energy source in Northern Ireland in the years to come.
He also said Simple Power is setting out on a journey to harness the vast renewable energy potential that exists in Northern Ireland. "The experience and knowledge within Lough Shore can only help this pursuit. We’re looking forward to getting started.”