ERG Renew acquires 45 MW wind farm in the UK

Subscribe to our newsletter and get the latest news and business opportunities in your inbox
ERG Renew acquires 45 MW wind farm in the UK

ERG Renew has acquired from TCI Renewables a 100% equity interest in Brockaghboy Windfarm Ltd, (BWF) a company holding authorisations to build a wind farm, in the county of Londonderry, Northern Ireland with capacity of approximately 45 MW and electricity output, when fully operational, estimated at around 150GWh per year.

ERG Renew expects to commence construction of the Wind Farm during the second quarter of 2016 with a view to completion of construction at the end of the first quarter of 2017.

The overall investment for implementation of the Wind Farm is estimated at around £60 million (US$83.7 million) which already includes the initial consideration amount paid to acquire BWF.

The project meets the conditions for accrediting under the current incentive mechanisms (NIRO) and related "grace period", subject to the draft bill being finalised by the UK parliament.

Based on the agreements with TCI, upon completion of construction and NIRO accreditation, a possibility is provided for to sell BWF to third parties. ERG Renew will be entitled to submit to TCI, a proposal for maintaining ownership. Should TCI not accept this proposal, and only in the event that higher offers from third parties are received and accepted, BWF will be sold and the capital gain will be calculated and shared on the basis of the agreed contractual terms.

This transaction allows ERG Renew to enter the UK wind power market as set forth in ERG's 2015-2018 Business Plan, via an innovative and flexible contractual structure, that provides an opportunity to enhance the industrial skills developed by ERG Renew and optimise value creation.

List of country news

Country news

  • March 01, 2016

    NTR announces financial close for its €250 million wind fund

    NTR plc has recently announced the successful and final close of its wind investment fund, NTR Wind 1, with the addition of a further €50 million secured from Strathclyde Pension Fund and €35 million from the Ireland Strategic Investment Fund. Read more
  • February 22, 2016

    Gaelectric acquires and finances wind farm in Ireland

    Gaelectric, a developer and operator of renewable energy projects in wind, bioenergy and solar across the UK, Republic of Ireland and the US, has recently financed and acquired from Enercon, the Cloghboola operational wind farm in County Kerry, Republic of Ireland. Read more
  • January 29, 2016

    Wind farm in Ireland reaches financial close

    Bord na Móna and Coillte have secured project finance from Ulster Bank and Bank of Ireland to complete construction of the project. Read more
  • January 25, 2016

    Greystone Infrastructure Fund acquires Irish wind farm

    The Greystone Infrastructure Fund has announced its acquisition of a 51% equity interest in the 24.2 MW Ballycadden Wind FarmLtd. located in southeastern Ireland from a private equity fund managed by UK-based Impax Asset Management Group PLC. Read more
  • January 20, 2016

    Gaelectric sells green bond

    Gaelectric Holdings plc, the Irish renewable energy and energy storage group, has become the first Irish company to issue a Green Bond in the form of a €10 million fixed interest instrument over 3½ years. The funds raised by the BCP/Gaelectric High Yield Note 2 will be applied to Gaelectric operations and development in areas of renewable energy generation and energy storage. Read more

Share this news

Join us

In order to get full access to News section, you must have a full subscription. You can check all the benefits of becoming a member and purchase a subscription on our membership page.