Throughout 2020, Asper has substantially grown its Irish onshore wind platform, Invis Energy, by launching into construction three new projects and building an extension of a fourth one.
As a result of this buildout program, today the platform has c.180MW of new capacity under construction which will start producing energy from December 2020 through 2021. Once built, the new projects will produce 530GWh of renewable electricity annually, save over 4,000,000 tons of CO2 during their lifetime and bring the platform to a total of 544MW in operation across 12 wind farms.
The construction of these projects further cements Invis Energy’s position as a leading player in the Irish onshore wind market, and helps Asper achieve its mission to Build the New: in this case the new energy infrastructure for Ireland and a new, large-scale sustainable energy business.
Asper co-financed the projects alongside the Craydel Group, its joint venture partner in Invis Energy. Asper is investing capital into the projects from funds it manages on behalf of its institutional investors, while raising over €200m of long-term project finance debt from relationship lenders including NordLB and AIB to fund their construction.
Through this platform we are also building new industrial partnerships and innovative contractual structures: for example some of these wind farms will sell their power to Amazon Web Services under long term Power Purchase Agreements. In 2019 we announced the first ever contract of this kind in Ireland, leading to projects being built with no subsidies and at no cost to the Irish taxpayer. Building new sustainable infrastructure, mobilizing investments and construction, supporting high quality jobs creation and creating new business partnerships: all these aspects of our mission are ever so more important during these challenging times. At Asper we are looking forward to further supporting the growth of Invis Energy and of the other platforms we are proudly working with in the coming months and years.