Mayo Renewable Power has closed on the finance for its 42.5 MW biomass project in Killala (Mayo County), Ireland.
The project will be fuelled by woodchip biomass and is certified as a high efficiency, combined heat and power facility.
The endeavor has a total investment cost of €180 million (US$203 million) and qualifies for Ireland's Renewable Energy Feed-In Tariff (REFIT) programme.
Debt will be provided by a three bank group consisting of Ulster Bank Ireland, Allied Irish Bank, and Barclays Bank Ireland. The equity will be invested by Weichert Enterprise, 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. John Sisk & Son is building the plant. Full construction activity will commence immediately and the plant is expected to be in commercial operation in mid 2017.
The president of Weichert Enterprise and Chairman of Mayo Renewable Power has stated:
"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."
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. Irish sourcing of biomass will also generate significant employment opportunities in Ireland.