Wednesday 20 September 2017

Invis investment rises to €160m

John Mulligan

John Mulligan

Independent Irish power firm Invis Energy has secured financing to build its second wind farm, bringing its total investment in Ireland to €160m.

The company, which is partly owned by its principal, Cork-based Michael Murnane, is building a 42.8 megawatt wind farm called Leitir Gungaid on the Galway coast. It's expected to be operational by the middle of next year.

Invis has secured construction and term project finance facilities from Norddeutsche Landesbank and DNB Bank.

It's the second major project for Invis. The company is finalising the development of a 44.3 megawatt wind farm located in the Stack's Mountains in Kerry. That scheme, called Knocknagoum, is the largest onshore wind farm to be built in Ireland this year. It's expected to be operational towards the end of this year.

The two projects represent an investment of €160m. Combined, they will generate enough electricity to power up to 60,000 households and will remove around 145,000 tonnes of CO2 from emissions on an annual basis.

"In addition to the 87MW under construction, Invis has a project pipeline of almost 300MW of generation capacity, which is scheduled to be built over the next three years," said Mr Murnane.

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