Business Irish

Monday 24 September 2018

Invis Energy wind farm fundraising hits €130m

Ireland's wind energy assets have attracted considerable international investor interest. Stock image
Ireland's wind energy assets have attracted considerable international investor interest. Stock image
John Mulligan

John Mulligan

London-based Asper Investment Management and the Craydel Group have sealed financing for a 43MW wind farm in Co Mayo that will be built by their Invis Energy outfit.

Invis has now raised more than €130m of project finance debt in 2018. It remains on track to close two further financings this year and expects 140MW of its wind energy generation capacity in Ireland to start operating within the next 12 months.

Established in 2011, Invis is owned by Asper Investment Management, previously a unit of Hg Capital, and Craydel.

Based in Macroom, Co Cork, Craydel is controlled by businessman Michael Murnane.

A 60pc stake in five wind farms in Ireland was sold last year by Invis Energy to a Japanese consortium of Kansai Electric Power, Sojitz Corporation, and Mitsubishi UFJLease and Finance. The five wind farms have a total installed capacity of 223MW.

The Mayo wind project that has just been financed will see 18 wind turbines installed. It's the seventh wind farm project financed by the Invis Energy partners.

Asper is providing equity financing to the project, and raised a €75m senior debt facility from NordLB.

Asper and Craydel reached financial close in June of a 35MW wind farm in Co Galway. That wind farm will include 11 turbines. Asper provided equity financing to the project, and raised a €58m debt facility from NordLB in relation to it.

Invis has a number of operational and in-development wind farms in Ireland that are located around the country, in Mayo, Galway, Donegal, Kerry, Clare and Cork. It has 223MW of operational wind assets, with about 145MW in various stages of construction and a further 200MW in early-stage construction and planning.

Invis said last year that the deal with the Japanese consortium represented that group's first investment in European wind energy assets. Invis Energy said it was a first step "towards developing a large renewable platform in a successful partnership with strong local expertise".

Ireland's wind energy assets have attracted considerable international investor interest.

US operator Element Power is currently up for sale, which could see a number of large Irish wind energy projects coming under new ownership.

SSE and Scottish Power are among the interested parties for the business - owned by US private-equity business Hudson Clean Energy Partners - according to a report last month from industry publication 'Sparkspread'.

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