Wednesday 18 October 2017

Saorgus Energy sells Kerry wind farm project

Photo: PA
Photo: PA
John Mulligan

John Mulligan

UK private equity firm Impax Asset Management has won a long-running race to acquire a wind-farm project in Co Kerry from Irish company Saorgus Energy.

Impax is understood to be lining up debt finance to develop the site. The ESB was among the original suitors for the project.

Impax has acquired the Dromadda More project, which when completed will generate up to 32MW of electricity. It had originally been expected that the scheme would be built last year and would be operational this year.

Industry publication 'Sparkspread' revealed the sale to Impax, and said it had completed in the past few weeks with the UK firm now hunting for funding to construct the scheme.

Saorgus put Dromadda More and another Kerry windfarm project, Cordal, up for sale in 2013.

Sparkspread noted that Saorgus took bids at least three times between 2013 and 2014 for Dromadda More, from suitors including Impax, HgCapital, the ESB, and Glennmont Partners. France's biggest bank, BNP Paribas, spun off its Clean Energy Partners unit in 2013 to form Glennmont.

At one stage, Saorgus had whittled the bidders for Dromadda More down to just the ESB, but those talks ended without agreement. The ESB is thought to have bid as much as €12.8m for the project.

Irish Independent

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