Sunday Business Post Features Tullabrack Windfarm

Firm seeks to get the turbines turning at new wind farm

Limerick-based business advisory and accountancy firm HLB McKeogh Gallagher Ryan has worked with a number of businesses in the wind energy sector in recent years, specifically with a view to raising funds through BES and  latterly the EII Scheme.

SBP Tullabrack Windfarm ArticleThis year, the firm is offering an EII Scheme investment opportunity in Tullabrack Wind farm located outside Kilrush, Co Clare. This follows on from the firm’s successful fundraising for Kilmeedy Windfarm Ltd with circa €2 million funds raised in 2012 and 2013.

“Wind is a more established renewable energy investment, and Tullabrack Windfarm offers a defined exit. The investor can see that after four
years there will be sufficient value generated in the business to exit,” said partner Mary McKeogh.

She added: “My background is in tax-based funding, and as a firm we have an established track record in wind energy based tax investments, and our investors are now familiar and comfortable with the investment model wind farms offer.”

Tullabrack Windfarm will be up and running from Quarter 1, 2016. “The projections are based on wind reports showing the wind speeds in the location of the wind farm, taken over the past number of years. We work to a conservative average estimate and, to date, it is a system that has proven accurate.”

She said this investment will appeal to anyone with taxable income at the higher 41 per cent rate. “The high income earners restriction doesn’t apply, therefore you can invest up to €150,000 against all income in the year of investment.”

Tullabrack Windfarm is a six-turbine (13.8 MW) development with full planning permission and an accepted Gate 3 grid connection offer. It will be developed under a fixed-price contract; the project promoter is a director of this specialist wind energy company.