Aitricity raises almost €16m through windfarm sale
Renewable energy company Airtricity has raised nearly €16m by selling 49% of its 24MW wind farm in Scotland to Viridis Clean Energy Group.
Viridis, which is an Australian investment fund, is to provide subordinated project debt, bringing the total value of the transaction to £10.5m (€15.6m).
Airtricity is currently attempting to raise around €100m to fund expansion in Ireland, the UK, and the US.
Eddie O'Connor, chief executive of Airtricity, said of the sale: "It clearly demonstrates that the long-term nature of these wind farm assets, with their relatively stable cash flows, are an excellent fit for Investment Funds."
In January 2003 Airtricity Scotland received planning permission for the construction of the 24MW wind farm near Ardrossan, within North Ayrshire, Scotland.
