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Sat June 22 2024

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Creagh Concrete teams up with REG

28 Jul 11 Antrim building materials group Creagh Concrete has sold a majority stake in its wind power project to Renewable Energy Generation (REG) for £1m plus £100,000 in REG shares.

The two companies have also set up a joint venture to develop further wind energy projects, representing REG’s entry to the Northern Irish market.

Creagh Concrete has planning permission for, and is soon set to start construction on, a 6MW wind project to be built at its Brackagh Quarry near Draperstown in County Londonderry. The project is expected to become operational during 2012. REG's initial share of the Draperstown wind farm will be 4MW.

The agreement between REG and Creagh Concrete covers any future expansion of this scheme and the establishment of a 50/50 joint venture to develop further wind projects in Northern Ireland.

REG chief executive Andrew Whalley said:  "Creagh Concrete is one of Ireland's most successful private companies and this joint venture agreement is the first step in REG's plans to build a portfolio of distributed wind projects in a region with an excellent wind resource. This project is the fifth scheme with planning consent to enter REG's portfolio in the last ten months and increases our capacity in procurement or awaiting construction to 28MW. This is in addition to 41.15MW of operating wind assets."

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