Mar 8 2010
A new venture, Airvolution Energy, was established by ESB in the UK for developing small-scale onshore wind projects. The company will concentrate in constructing and operating wind farms with capacities less than 10 MW, comprising up to three turbines or lesser.
ESB Novus Modus, a renewable energy and clean-tech fund established by ESB will be funding the new venture. Airvolution Energy is expected to receive €5-15 million from the fund. ESB Novus Modus aims to invest up to €200 million in projects in the UK, Ireland and northwest Europe.
Savills has entered into an agreement with Airvolution Energy for identifying sites for the proposed wind projects as well to manage the entire process for planning permission. PEP, a wind energy specialist, will provide development and operational services to the new venture.
ESB International’s former managing director, Kevin McNamara, will be heading the new venture, which will operate throughout Britain. According to chairman of ESB Novus Modus, the new venture will aim to become a major player in the renewable energy sector in Britain.