Buncrana wind farm sells for e90 million – report
A Donegal-based consortium has made E80m from the sale of a Buncrana wind farm, according to media reports.
The Sunday Business Post reported that Bord Gis acquired the Sorne Wind Farm a year ago, for an undisclosed price. But the newspaper reported on Sunday that it is now understood that the semi-state body paid about 90 million euro for the project.
Sorne Wind Farm is a 38.9 MW wind farm in Buncrana, according to the Bord Gis web site. Sorne Wind energises more than 20,000 homes a year and saves more than 86,400 tonnes of CO2, according to Bord Gis.
The Business Post reported that the price paid for the wind farm is above the industry average of E2m per MW of wind power.
Most of the sales revenue went to the developers of the Sorne project with the private equity firm Hg Capital, an investor, netting about E10m, according to the report. The Sunday newspaper said that Sorne Wind's directors are Donegal accountant Seamus MacRory, landscape consultant John Ward, British-based investment manager Emma Tinkler and Tom Murley, the head of renewable energy at Hg Capital, according to the company's most recent annual return.
The shareholders in the firm are two companies, the Donegal-based Tapbury and Donegal Wind Sarl of Luxembourg. Tapbury directors are Mr. MacRory, Mr. Ward and Michael Rouse, according to the newspaper.
All three men are also directors of another company called Sorne Wind Phase II, the newspaper reported.
Mr. MacRory could not be reached for comment by the time of going to press.
According to the Business Post, the Sorne project was first developed as a 32MW wind farm and then was expanded to 38.9MW.
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Weather for Donegal
Wednesday 22 May 2013
Temperature: 6 C to 11 C
Wind Speed: 24 mph
Wind direction: North west
Temperature: 6 C to 9 C
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Wind direction: North