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Gas Security for Northern Ireland Moves a Step CloserPRESS RELEASE: Northern Ireland Energy Holdings Announces Renewables Fund
Northern Ireland Energy Holdings (NIEH) has announced the establishment of its European Renewable Energy Fund, which will contribute to helping meet European renewable energy targets, as well as delivering a return for consumers and investors. NIEH has committed €15m as the founding investor and the fund manager has already secured a further €25m from other investors.
The fund has been established to make equity investments in commercially robust projects that are likely to be either operational or at an advanced stage of development. The fund’s first project has been identified, requiring a circa €15m investment and is scheduled for early 2008, with other suitable projects currently being assessed, including within Ireland.
Platina Finance, manager of the European Renewable Energy Fund, is highly experienced in the renewables area and already manages two other renewable funds. It is the aim of the fund to deliver a return to investors by investing in relatively low-risk projects over a five year period followed by a realisation period of 5 to 7 years.
Commenting on this announcement, NIEH Chairman Alasdair Locke said: “We have taken some time in setting up the fund to ensure that it should be as successful as possible and we are delighted that it has now been formally established. We are very conscious not to take inappropriate risks with what is ultimately current and future Northern Ireland energy consumers’ money, and we see this fund as having the potential to provide a reasonable return for consumers as well as helping Europe to achieve its ambitious targets for renewable energy.
We are particularly keen that suitable Irish projects requiring equity investment have access to the sort of finance that the fund offers and NIEH is happy to assist any project owners or developers with their enquiries. However, we recognise that there is unlikely to be sufficient competitive Irish projects for this size of fund and therefore the fund is targeting projects right across Europe”.
This announcement follows another excellent year for Northern Ireland Energy Holdings, which has seen the mutualised business continue to operate the strategic energy assets of the Moyle Interconnector and the Scotland-Northern Ireland gas pipeline at a lower cost than if they remained in private shareholder ownership.
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Notes to editors
- Northern Ireland Energy Holdings is a mutual company which operates the Moyle electricity interconnector and the Scotland to Northern Ireland gas transmission pipeline (SNIP).
- For further information on the European Renewable Energy Fund, contact:
Owen McQuade
Lagan Consulting
Tel: 028 9261 9550
Mob: 07967 094494
Last Updated: 23rd June 2006