ELECTROROUTE ENTERS AGREEMENT WITH DROMADDA MORE WIND FARM 22 Jun 2016
36MW WIND FARM BRINGS ELECTROROUTE’S MANAGED SERVICE PORTFOLIO TO OVER 500 MW
DUBLIN, 22 JUNE 2016
ElectroRoute is delighted to announce that it has entered into a long term Supplier Lite Service Agreement with the Dromadda More Windfarm, a 36MW wind farm, currently under construction in Co. Kerry.
The wind farm is owned by a fund managed by London-based asset manager Impax Asset Management and is part funded by debt from NORD/LB.
Under the agreement, ElectroRoute will be operating and managing the sale of the windfarm’s energy into the Irish Single Electricity Market on a 24*7 basis in what is commonly known in the market as a ‘Supplier Lite’ structure. ElectroRoute’s Supplier Lite service enables projects to access the energy market directly and independently, and capture all available revenue streams in full. ElectroRoute will also be supporting the wind farm during its transition to the new energy market arrangements in 2017.
Caoimhe Giblin, Head of Client Services at ElectroRoute said:
“ElectroRoute is delighted to help Impax secure an independent route to market for the Dromadda More Windfarm. With over five years’ experience trading in markets including GB, France and Germany, we understand the challenges that will face wind generators in the new I-SEM and look forward to applying our expertise to help Dromadda More adapt and thrive in the new market.”
“We are seeing a lot of activity in the Irish wind sector at the moment, and international funds and local developers alike are turning to ElectroRoute to provide the most effective and valuable route to market for their assets. Our strong pipeline of projects is testament to this – we expect to have around 1 GW of assets under management by the end of the year.”
Victor Juttmann, Director of Private Equity and Infrastructure at Impax Asset Management said:
“ElectroRoute is an experienced trader in the Irish and European power markets. We believe it is well positioned to help Impax sell the power produced by the Dromadda More wind farm, now as well as in the future under I-SEM. Having direct access to power markets allows us to optimise returns to our investors for both this project and future investments in the Irish market.”
ElectroRoute is an energy trading and services company based in Dublin. ElectroRoute has a trading presence across eight European countries and trades energy along the entire curve with spot trading, futures trading, cross border trading and green certificates trading. ElectroRoute provides managed trading services to non-utility owned assets in the gas and power markets and currently has over 500MW of assets under management.
For more information, please contact Caoimhe Giblin at +353 1 901 9613 or firstname.lastname@example.org
Impax Asset Management is a leading investment firm, managing or advising on approximately €4.8bn* primarily for institutional clients through both listed and private equity strategies.
The Company’s investments are based on the strong conviction that population dynamics, resource scarcity, inadequate infrastructure and environmental constraints will profoundly shape global markets, creating investment risks and opportunities. Impax expects that these trends, reflecting the transition towards a more sustainable global economy, will drive earnings growth for well-positioned companies. Impax’s proprietary investment framework identifies and calibrates the rising risks and expanding opportunities from this transition, and guides the search for investments that will deliver long term outperformance.
The Company’s private equity infrastructure funds follow an operationally focused, value-add strategy, investing in renewable power generation and related assets throughout Europe.
*As of 31 May 2016
For more information www.impaxam.com