Mayo Renewable Power Limited (MRP) announced today it has closed the financing for its 42.5MW Power Plant and Biomass Fuel Processing Facility to be built in County Mayo, Ireland.
The project, which will be fuelled by woodchip biomass, is certified as a high efficiency, combined heat and power facility with a project cost of €180 million and qualifies for Ireland's Renewable Energy Feed-In Tariff (REFIT) programme. Under the REFIT programme, generators are guaranteed a minimum price for the electricity they sell, through December 31, 2030.
It will be the largest biomass power plant to have been built in Ireland to date and will contribute to meeting the country's renewable energy targets.
Mayo Renewable Power confirmed that it has secured finance for the project from its equity backer, U.S. firm, Weichert Enterprise LLC, along with loans from three banks, Ulster, AIB, and Barclays.
MRP has received all necessary planning and permits to proceed and issued its construction commencement notice in 2014. Full Construction activity will commence immediately and the plant will be in commercial operation in mid- 2017. John Sisk & Son Limited is erecting the plant. Construction is expected to generate up to 350 jobs.
Gerald C. Crotty, President of Weichert Enterprise and Chairman of Mayo Renewable Power said: "This financing marks another important milestone in the construction of MRP's power's plant and facilities which will provide renewable, sustainable and innovative energy to Ireland's electricity grid." Mr. Crotty especially thanked An Taoiseach (Ireland's Prime Minister) Enda Kenny, "for his steadfast interest in Mayo Renewable Power, his encouragement and, most importantly, for his leadership in restoring growth and stability to the Irish economy."
Mr. Crotty thanked Mr. Peter Hynes and his staff in Mayo County Council for their straightforward enforcement of Mayo County's regulatory mandate while recognising and encouraging the positive economic development features of the project. He also expressed Mayo Renewable Power's appreciation for the continuing support of Councillors and Dail Deputies from Mayo.
Mayo Renewable Power will be seeking to source significant amounts of biomass locally in Ireland to supplement its feedstock and logistics chain from the United States. It is expected that Irish sourcing will reinforce renewability, sustainability and security of supply.