Asper Investment Management, the largest private international investor in Irish wind energy, is pleased to announce that its Invis Energy joint venture has entered into a Power Purchase Agreement (PPA) with Amazon. This is the first subsidy-free renewable project in Ireland. The agreement will bring Amazon Web Services (AWS) closer to its commitment to use 100% renewable energy to power its global infrastructure.
The project is a new 91.2 megawatt (MW) wind farm in Donegal set to commence construction later in 2019. Invis Energy – a joint venture between Asper and Irish developer Craydel – is Ireland’s leading renewables business. Since 2011 it has developed, financed and built 9 onshore wind projects in Ireland for a total of 363MW. Adding to this portfolio the new wind farm with Amazon underpins Invis’ plans for further expansion.
The PPA with AWS allows Invis Energy to build the project with no Irish Government subsidies and at no cost to the Irish consumer. This first for the Irish market is indicative of recent technological advancement and the growing scale of Irish wind. Large-scale, subsidy-free renewable energy projects are now commercially viable in Ireland, allowing global companies such as Amazon to make investments in sourcing their energy from grid additional sources of energy while supporting Ireland’s renewable energy targets.
Emma Tinker, CIO of Asper said: “We are delighted to partner with Amazon and support them to reach their 100 percent global renewable goal. Building the first subside-free project in Ireland is an incredibly exciting milestone both for the country and for Invis Energy. Signing this contract is a testament to the quality of Invis Energy’s team and the cost-efficiency, scale and capability of our project portfolio.
“Strategically, this contract represents a significant step forward, towards an Irish energy landscape where clean power platforms are economic, customer-oriented, technology-enabled and integrated within other infrastructure networks such as data, transport and heating.
“Ireland is committed to the build-out of renewable energy capacity to meet its decarbonisation targets, with corporate PPAs and the upcoming Renewable Electricity Support Scheme. We hope this is the first of many such agreements for Invis as businesses recognise the beneficial environment and growing capacity of the Irish renewable energy market.”
Asper is a London-based specialist investment firm that focuses on private investments in sustainable real assets, including renewable power, sustainable heat and other clean infrastructure. It manages commitments of c€1.2bn and serves institutional investors such as pension funds, insurance companies and funds-of-funds.