Wind farm investment keeps Ireland on target for 2020

8 Nov 2010

Co Tyrone will play host to a €72m wind farm that is set to generate 51 megawatts (MW) of electricity and Minister for Communications, Energy and Natural Resources Eamon Ryan TD says this kind of development keeps Ireland on target to meet its 2020 carbon targets.

Energy firm Energia secured the multi-million Euro investment. The firm is keen to build on Ireland’s work towards a renewable future and the Tyrone development forms part of its “all island renewable energy plans”.

Energia has completed €65m in non-recourse project financing with Nord/LB and Rabobank, for an 18-year term. Work will commence immediately on these wind farms.

On track for 2020

“These investments by Energia and the successful financing of these new wind farm projects provide a strong international endorsement of Ireland’s renewable energy policies. With a current figure of 15pc, we are on track to meet our 2020 target to have 40pc of Ireland’s electricity produced from renewable energy, which will have long-term benefits for the economy and also for the environment,” said Ryan.

Energia has set itself a 2010 target to be the largest independent renewable off-taker on the island of Ireland with 740MW, around 25pc of the Irish renewable market

In addition to renewable assets, the company also operates a 750MW gas-fired generating station in north Dublin.