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Veolia bags top biomass contract

French group Veolia has bagged a €450m contract to operate Ireland's largest biomass power plant.

Plans for the facility, in Killala, Co Mayo, were officially unveiled last week by Taoiseach Enda Kenny. The company behind the project is Mayo Renewable Power.

It's backed by US investors including private equity group Weichert Enterprise. It has also secured loans from AIB, Ulster Bank and Barclays to finance the cost of the plant.

Weichert Enterprise is headed by US-based Gerald Crotty.