Investee Company Name: WED Castle Limited
Investment Amount: €0.8M
Industry: Renewable Energy Production
Reason for Investment: Capital Expenditure
Dominic Costello set up Wind Energy Direct (“WED”) in 2006, to focus on the Irish Renewable Energy market. WED installs wind turbines on the sites of large energy users. Selling the green electricity produced to the on-site user at a long term fixed price via their Finance, Build, Own and Operate Model.
This is the Goodbody EIIS Fund’s second project working with Wind Energy Direct. In this project WED Castle Limited (“the Company”) will construct a 2.35MW wind turbine near Lough Egish in County Monaghan. The project is eligible for the Renewable Energy Feed-In Tariff (“REFIT”) scheme, which provides price certainty in the form of a floor price. Where the project’s total market revenue is less than the revenue expected under REFIT, the support scheme funds the difference.
The project expects to be operational by the end of 2018, EIIS and Renewable Energy have gone hand in hand in the past as a funding method, something we hope continues in the future. The Goodbody EIIS Funds are open to funding all renewable energy project.