Private equity firm HgCapital invests in 32 MW Donegal plant

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Private equity investor HgCapital is to invest EUR 4 million in its second wind farm project -- the 32 MW Sorne Hill wind farm in Donegal, Ireland. HgCapital has bought shares in Sorne Wind Limited and together with the company's founders, Michael Rouse and John Ward, and a new investor, Seamus MacRory, has bought out two other founding shareholders to complete construction of the wind farm. Sorne Hill will comprise 16 Enercon 2 MW turbines. The project is expected to begin operation in May 2006. Output will be sold under a long term contract with Bord Gàis, which received a licence from the energy regulator in December 2004 to supply green power. The Sorne Wind deal follows HgCapital's first wind transaction in December 2004 when it acquired the 21 MW Tir Mostyn wind farm in Wales, currently under construction. "This continues our strategy of building a portfolio of renewable energy assets across Western Europe," says HgCapital's Tom Murley. "We foresee further investments over the coming months."

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