Solar 21 to build €60m renewable plant in UK
Published 17/02/2016 | 02:30
Irish renewable energy firm, Solar 21 has acquired the project rights to build a 22 megawatt (MW) biomass power plant in England.
The plant will be built on a 64-acre site near Hull. The firm is looking to secure €60m through a fundraising round for the project, which has been under construction since October.
Solar 21 chief executive Michael Bradley said there were investment opportunities available in this, the first of five pipeline projects with energy recover systems firm Heat Recovery Solutions.
"This is a perfect opportunity for conscientious investors to participate in an ethical company while securing strong returns," he said.
"Investors can make direct cash investment or make a pension investment through self-directed pension structures, such as Approved Retirement Funds (ARFs) and Approved Minimum Retirement Funds (AMRFs)." In recent years Hull has become a vital region of renewable activity in the UK with the vast major of industry players establishing a presence there.
The firm joins Siemens and Dong Energy amongst the latest newcomers to the area.
According to Solar 21, the investment returns on the Hull project are significant and the firm expects to continue its high return track record on the plant.
"Since 2010, Solar 21 has delivered consistently high returns to our investors.
"Our team understands renewable energy and we are acutely aware of the value to investors of a steady, above-average return," Mr Bradley said.
Solar 21 also says that the plant will benefit from UK government-backed revenue once it's up and running.
This is the latest development for an Irish software energy firm. John Mullins's Amarenco is moving its headquarters to Cork, creating 50 jobs.