Airtricity completes €70m funding for windfarm in Co Cavan

Irish Independent- Friday July 07th, 2006

WIND energy specialist Airtricity has completed a €70m funding for the development of its 48MW wind farm at Bindoo in Co Cavan, the company said yesterday. Airtricity said that €60m in a 15 year senior debt facility was arranged by NORD/LB Norddeutsche Landesbank and that a further €10m in equity was pro- vided by Airtricity. Construction of the Bindoo wind farm began in December 2005. When fully operational in April 2007 it will be the second largest Airtricity wind farm project on the Irish mainland, capable of providing power to30,000 homes. In total 32 GE wind turbines generating 1.5MW each will be erected. It is expected that the Bindoo project will qualify under the Republic of Ire- land's REFIT scheme, which encourages the construction of renewable generation to assist Ireland meet its EU targets for electricity production from renewable sources. Airtricity corporate finance executive Manus O'Donnell, said that while Airtricity is at the forefront of plans to expand the role wind plays in meeting our energy needs, the availability of funding is key to its success. He said the deal with NORD/LB could act as a template for the funding of future wind farm projects.