Launch of Airvolution Energy
ESB Novus Modus, the green investment fund of ESB, announces the creation of Airvolution Energy, a new venture that will develop, construct and operate small onshore wind projects in the UK. Airvolution Energy intends to be a major national player in an important part of the UK renewable energy sector.
Airvolution Energy will focus on sub -10 MW projects – generally operations with three or fewer turbines – as well as sites with embedded generation possibilities. Embedded wind generation provides the opportunity to lock in the cost of electricity over the long term, creating jobs and a better working environment.
Airvolution Energy has an arrangement with Savills whose role will include identifying sites and managing the full planning process. PEP, specialists in wind energy, will provide Airvolution Energy with expert development and operational services. Airvolution Energy involves a multi-million investment by ESB Novus Modus and will be led by Kevin McNamara, a former Managing Director at ESBInternational.
Speaking at the launch, the ESB Novus Modus Chairman, Bernard Byrne, explained that Airvolution Energy intends to become a major player in this niche renewable sector in Britain, suffering from the effects of the credit crunch. It will form strong partnerships with landlords, businesses and local communities as part of its operations.
"We expect Airvolution Energy to become the UK's leading developer and operator of small wind projects within a relatively short timeframe," Mr Byrne said.
Richard Nourse, Managing Partner of Novus Modus said: "Airvolution will allow businesses to maximise the opportunity for auto-generation and for exploitation of the wind and land resources they have with a well funded, expert developer and operator with national coverage."
Philip Gready, Director of Savills Energy, said: "Combining the wind development expertise and financial resources of ESB together with Savills' access to property, its planning and land acquisition expertise will give renewed focus and necessary skill set to the sub – 10MW wind market. It will kick-start this sector and allow landlords to develop the full potential of their wind resource with a trusted partner."