CapDyn invests in Dunmore wind farm

Capital Dynamics’ Clean Energy and Infrastructure group (CEI) has invested an undisclosed amount in a 21-megawatt (MW) capacity wind farm in Northern Ireland, acquiring exclusive ownership of the project, the Swiss asset manager said in a statement on Wednesday.

The firm is working with Oxford, England-based wind developer TCI Renewables and Danish turbine supplier Vestas Wind Systems on the Dunmore wind farm which is expected to be completed and operational as early as the first quarter of 2014.

“Using well-proven Vestas V90 turbines, this clean energy investment will offer our investors attractive cash yields year-on-year under a 15-year sales contract with one of Ireland’s leading energy suppliers,” CEI managing director Rory Quinlan said, without naming the power retailer.

The seven-turbine wind farm, which is already under construction, is expected to benefit from its location eight kilometres from the North Sea coast – one of the highest wind-speed locations in all of Europe, according to the company.

In addition to location, the project is also expected to benefit from the single energy market or “All Island” initiative launched in 2007 with the aim of creating and establishing a single market for natural gas and electricity for Northern Ireland and the Republic of Ireland. The Commission for Energy Regulation and the Northern Ireland Authority for Utility Regulation, which jointly run the initiative, aim to deliver 40% of total electricity supply from renewable energy sources by 2020 – the majority of which is expected to be wind generated.

“With this latest direct investment in renewable energy, our Clean Energy and Infrastructure program continues to gain momentum,” said Capital Dynamics chief executive Stefan Ammann. “We expect to make further investments in high-quality clean energy projects over the coming months, offering strong and stable cash returns.”

CEI, launched by the Zug-based firm in June 2010, invests directly in clean energy technologies and currently manages more than 170MW of clean energy capacity in North America and Europe. Aside from clean energy and infrastructure, Capital Dynamics also invests in private equity. It currently has $17 billion in assets under management and 14 offices worldwide.