Encavis buys 27.6-MW Irish wind farm for special fund

The asset management arm of German wind and solar farm operator Encavis AG (ETR:ECV) has acquired a 27.6-MW wind farm project in Ireland for its special fund Encavis Infrastructure III (EIF III).

Encavis Asset Management AG said on Tuesday that the wind park will be built in two sections, the first one of which is shovel-ready. The first five turbines are planned to start generating power at the end of 2023, while the remaining three machines are due to go online in 2026. The second section of the project is currently in an advanced stage of development.

Once up and running, the wind farm on the west coast of Ireland will be capable of producing electricity for around 24,400 homes per year.

The EIF III, which invests in wind and solar assets in Germany, France, Austria and Finland, is exclusively owned by German public insurer Versicherungskammer Group. The latter made a EUR-150-million (USD 174.03m) commitment to the fund last year.

“Renewable energies are an essential part of our investment strategy and sustainability is an important aspect in our capital investment,” Georg Distler, Head of Infrastructure Investments at Versicherungskammer.

Encavis Asset Management will handle the whole structuring of the Irish project, along with financing, and will also manage the plant once it becomes operational.

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