OilVoice - Bord Gáis Completes Purchase of SWS Natural Resources

Bord Gáis Completes Purchase of SWS Natural Resources

Sunday, December 06, 2009

Bord Gáis has completed the purchase of West Cork based SWS Natural Resources, one of the largest wind generators in Ireland, in a transaction worth over €500m.

The sale of SWS Natural Resources has been the subject of a competitive bid process over recent months and, announcing the successful acquisition today, Bord Gáis Chairman, Rose Hynes said “This is a significant step in the pursuit of our dual-fuel, all-island strategy. The acquisition will strengthen our asset base and provide us with the renewable energy resources to meet the needs of our customers with a sustainable and competitive electricity offering.”

Bord Gáis Chief Executive, John Mullins said “The investors, management and staff have created a vibrant business from their West Cork base and a significant development pipeline. We are excited at the prospect of driving the combined business forward. The acquisition significantly enhances the asset quality of our balance sheet and fulfils the commitment made when we went to international financial markets and raised over €800m. Over the next five years Bord Gáis will invest almost €700m in the construction of the wind projects and in the process create 250 sustainable jobs.”

SWS and Ion Equity Director Ulric Kenny said “I am delighted to have had the opportunity to lead this transaction on behalf of SWS and believe the agreement reached is an excellent fit for both SWS and Bord Gáis. We are proud of SWS’ achievements in the last two years, which have seen it emerge as the major force in Irish wind energy. The drive and expertise of the SWS team is second to none and in partnership with the resources and ambition of Bord Gáis the business is very well placed to deliver much needed and efficient renewable energy for generations to come.”

The Energy Minister Eamon Ryan welcomed the acquisition noting that SWS Natural Resources has been very successful in developing and operating wind assets in Ireland and that the combination of the company’s skills and the expertise of Bord Gáis will ensure the successful roll out of wind energy projects. “Bord Gáis are to be commended for their wise investment in the growing green economy. Ireland will reap the benefits,” he said.

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