Mayo Renewable Power closes financing for Ireland biomass plant

By Mayo Renewable Power Ltd. | June 10, 2015

Mayo Renewable Power Ltd. recently announced it has closed on the finance for its 42.5 MW electricity generating station and biomass fuel processing facility to be built in Killala in County Mayo, Ireland. The project, which will be fuelled by woodchip biomass, is certified as a high efficiency, combined heat and power facility with a project cost of €180 million ($203.85 million) and qualifies for Ireland’s Renewable Energy Feed-In Tariff (REFIT) program.

Debt will be provided by a three bank group comprised of Ulster Bank Ireland Ltd., Allied Irish Bank p.l.c., and Barclays Bank Ireland PLC. The equity will be invested by Weichert Enterprise LLC, a U.S. private equity concern.

Mayo Renewable Power has received all necessary planning and permits to proceed and issued its construction commencement notice in 2014. Full Construction activity will commence immediately and the plant will be in commercial operation in mid-2017. John Sisk & Son Ltd. is erecting the plant. Construction is expected to generate up to 350 jobs.

Gerald C. Crotty, president of Weichert Enterprise and chairman of Mayo Renewable Power, said, “This financing marks another important milestone in the construction of Mayo Renewable Power’s plant and facilities which will provide renewable, sustainable and innovative energy to Ireland’s electricity grid.”

Crotty especially thanked An Taoiseach, Enda Kenny, “for his steadfast interest in Mayo Renewable Power, his encouragement and, most importantly, for his leadership in restoring growth and stability to the Irish economy.” Crotty thanked Peter Hynes and his staff in Mayo County Council for their straightforward enforcement of Mayo County’s regulatory mandate while recognizing and encouraging the positive economic development features of the project. He also expressed Mayo Renewable Power’s appreciation for the continuing support of Councillors and Dáil Deputies from Mayo.

Mayo Renewable Power will be seeking to acquire significant amounts of biomass in Ireland to supplement its supply chain from the United States. It is expected that Irish sourcing will reinforce renewability, sustainability and security of supply. Moreover, Irish sourcing of biomass will generate significant employment opportunities in Ireland.