ESB heads €20m funding into Wind Energy Direct

8 Apr 2011

ESB Novusmodus is leading a €20m investment in Irish ‘on-site’ wind energy developer Wind Energy Direct (WED), the company announced today.

The investment will be used for the development of on-site wind projects for large energy users across Ireland and Great Britain, adding up to 75MW of wind-generation capacity.

WED’s business model focuses on the installation of turbines at locations with a significant energy requirement, such as manufacturing facilities, hospitals and data centres. WED has reported it plans to invest about €100m in total over the next three years.

The company’s services enable its customers to lock their energy costs at current levels for five, 10, or 15 years, breaking the link with energy inflation.

Each MW installed also cuts carbon emissions by up to 1,500 tonnes of CO2 per year, without any capital outlay on their part. WED has said it will construct, own and operate the turbines.

“WED will allow Irish businesses to maximise the opportunity for auto-generation and for exploitation of their wind and land resources with a well-funded, expert developer,” said Michael Aherne of ESB Novusmodus. “Their offering represents an excellent economic and environmental proposition for large energy users at a time when we need to move from our over-dependency on fossil fuels.”

Welcoming the investment, Wind Energy Direct managing director Dominic Costello said, “This is a significant vote of confidence in Wind Energy Direct, from the most experienced energy supplier in the Irish market. The investment brings together WED’s business model and entrepreneurial spirit in the renewable energy field with the financial and technical strength of ESB Novusmodus.”

Costello said the development of its pipeline of projects will reduce energy costs for its customers, allowing them to dodge the volatile energy market, and help lower the country’s emissions.

He said the new project will create 10 new jobs immediately, bringing the WED team to 20 employees and creating more than 80 indirect jobs.