Bertie's mate backs €60m Bulgarian wind project
Member of the famous 'inner circle' of Ahern's St Luke's HQ behind deal
Nial Ring, a member of the famous St Luke's inner circle that surrounded Bertie Ahern, is launching a major windfarm project in Bulgaria.
In a €55m reverse takeover deal to list on the PLUS market later this month, Captive Audience Display Solutions plc (CADS), a media-buying company, acquired Proventus Energy, a British renewable energy company.
Ring will be vice-chairman of the new entity, and plans are in place to develop a large windfarm in Bulgaria's northern wind corridor. Ring predicts that annual income of €60m is possible from generating 84,000 megawatts of electricity mainly for export. Funding through a Japanese bank and planning and licensing are set up for phase one.
Investors in CADS include Tom Anderson of the Ward Anderson cinema dynasty, Ahern's ex-partner Celia Larkin, members of Dublin developer Jerry Beades's family, and Emmet O'Connell of Great Western Mining.
Ring is an independent Dublin city councillor but with strong Fianna Fail links (he was a ward boss in Ahern's constituency), a former banker and ex-IDA director. Several listed mining companies he is involved in, including Teknoming and IMC Exploration Group, are run out of an office above his constituency base in Ballybough, in Dublin's inner city.
IMC Exploration Group, where Ring is a director, is expected to announce promising results from drilling in Tulla, Co Clare this week.
Sunday Indo Business