Israeli firm eyes more windfarms after €24m Irish deal
An Israeli renewable energy company which has just closed a deal on a windfarm development in Ireland is aiming to establish 100 megawatts of wind power here in the coming years.
Enlight Renewable Energy specialises in initiating, developing, constructing and operating clean electricity production projects from renewable energy sources, and has solar and windfarms in Israel, below, and abroad. It has just closed a deal to build a windfarm in Ireland in a development worth 100m Israeli Shekel (€24m).
Enlight Renewable Energy is the renewable energy arm of Eurocom Group, one of the largest holding companies in Israel. The company has started work on the 14 megawatt farm, which is planned to be completed in the second half of 2016.
The firm would not reveal where the farm will be located, saying only that it will be in the north west of the country. The funding is expected to be made up of 80pc debt and 20pc equity.
Enlight's vice president of marketing and business development, Zafrir Yoeli, said: "We certainly have more developments planned, we are looking to identify and invest in additional products and the Irish market has a very good wind resource and equity resource.
"When we enter into a market we would always like to get to 100MW. We would like to increase by several tens of MW next year, it will depend on the market."
He added: "We are targeting as much as we can, we would like to do more projects of a similar size to the one we're doing now or bigger." Mr Yoeli said that the company is now looking "anywhere and everywhere" across Ireland in an effort to identify more suitable projects.
When asked why the company chose to establish a presence in the Irish market he said: "There is a good tariff programme for wind energy, there are mature developers here who know what they are doing and there is good access to finance."
It is expected that the 14MW project will generate annual revenue of about 13 million shekels (€3m) for 25 years.
Just over €3m will be paid to an Irish developer as part of the development, although Mr Yoeli declined to name them.
Ireland is aiming to generate 40pc of all its electricity from renewable sources by 2020.