Ulster Bank leads syndicate in financing €100M Irish windfarm

2nd December 2008

Ulster Bank has acted as the lead bank in providing 100 million long term finance to the construction of a new 57MW wind farm at Boggeragh Mountain, County Cork. The Boggeragh wind farm will be one of the largest stand alone wind farm sites ever constructed on the island of Ireland. The deal comes after the recent announcement by Ulster Bank of its provision of long term financing of 300 million to SWS Natural Resources, one of the largest developers of wind energy, biomass waste to energy and forestry services on the island of Ireland.

Ulster Bank acted as the mandated lead arranger on the Boggeragh wind farm financing which was syndicated with a club of domestic and foreign lenders. Financing and syndication for the wind farm was arranged by the bank over the past four months, during one of the most volatile periods in capital market history.

Eddie Cullen, Head of Corporate Banking, Ulster Bank said: "Since the privatisation of the Irish electricity market in 2005, renewable energy financing has become a fundamental part of our core business. The drive to meet the emission reductions set by the Irish Government has opened a number of opportunities for businesses in the Irish renewable energy space. Ulster Bank has made significant investment into this sector and we look forward to continuing our position as the market leading financer of renewable energy projects in Ireland. We are particularly pleased to have successfully secured financing for our clients during what is proving to be unprecedented times in the capital markets."