TINC has announced it has acquired a participation in Storm Holding 4 NV, which holds a 100% equity stake in Meenwaun Wind Farm Ltd., a company holding the required licenses and contracts to realize an onshore wind farm located in Offaly County, in the center of Ireland.
The wind farm will include four wind turbines with a total installed production capacity of circa 11 MW with extension potential. It is expected to become operational in the fourth quarter of 2017.
The wind farm was acquired from Element Power, the global renewable energy company, with an established presence in Ireland, that was responsible for its development.
The acquisition and realization of the wind farm occurs in close cooperation with Storm, a developer and operator of wind farms, active in Belgium and Ireland. TINC already has two existing investment programmes with Storm in Belgium, and now makes, in cooperation with Storm, a first investment in Ireland, where Storm has already been active since 2009.
In a first step, TINC has invested €11.8 million (US$12.4 million) in the share capital of Storm Holding 4 for the acquisition of the wind farm and to provide the initial funds required for its realization. TINC will invest a maximum of €30.2 million (US$31.6 million). Meenwaun Wind Farm Ltd. itself intends to attract debt financing, which may result in a reduction of the commitment of TINC. The participation is acquired at a price based upon a discount rate reflecting the average discount rate of the investment portfolio, taking into account the risk profile and the aforementioned possibility of debt financing for Meenwaun Wind Farm Ltd.
Manu Vandenbulcke (CEO TINC):
“TINC is very pleased about this new participation, which matches the strategy of TINC of enlarging its geographic footprint while enhancing its diversification across a variety of markets. The portfolio now includes 14 participations in PPP, energy and other infrastructure, located in Belgium, the Netherlands and Ireland. ”
Jan Caerts (CEO Storm) :
“We are pleased to extend our long-lasting cooperation with TINC in Belgium to the Irish market.”