Cork wind energy firm pays out 16.6m dividend


Irish wind energy firm Evalair paid a €16.6m dividend to shareholders during its last financial year, newly-filed accounts for the business show.

Evalair, whose main trading arm is known as Invis Energy, was founded in 2011 by Cork-based businessman Michael Murnane and UK private equity firm HG Capital. Mr Murnane invested in the joint venture via his Craydel Group.

They sold a 60pc stake in the business for about €300m in 2017 to a Japanese consortium. That left Mr Murnane and his family owning 11.1pc of Evalair and a Luxembourg unit of HG Capital owning 28.9pc. That Japanese consortium includes Sojitz Corporation, Mitsubishi UFJ Lease and Finance, and Kansai Electric Power. Its 60pc stake is owned via an entity in which Sojitz has almost a 49pc stake, with Kansai Electric owning 40pc and Mitsubishi the remainder.

The accounts for Evalair show that the €16.6m dividend was paid during the 12 months to the end of September last year, and that no final dividend was recommended.

Invis Energy has 10 operational windfarms on the western seaboard. They have a total generating capacity of about 400MW.

Consolidated accounts for Elavair show that turnover, which is generated from the sale of electricity, edged 3pc higher to €56.6m in the 12 months to the end of last September. It made a €19.5m operating profit, which was down from €21.5m a year earlier.

However, the group posted a pre-tax profit of €20m in the last financial year, compared with just €179,000 a year before, as it benefited to the tune of €15.5m from income from shares in group undertakings.

At the end of September 2020, its tangible assets were valued at €291.7m, compared with €309.4m a year earlier.

The largest assets in the Invis portfolio include the Knockduff windfarm in Co Cork, which can generate up to 65MW. Its Knockangoum windfarm in Co Kerry can generate up to 44.4MW, while the Leitir Guingaid Leitir Pac asset in Co Galway can generate up to 44MW.

Under EU rules, Ireland must be generating 70pc of its electricity from renewable power by 2030. That has seen a surge in interest in offshore windfarms around Ireland. The country has pledged to have at least 3.5GW of installed offshore wind energy capacity by 2030, and as much as 5GW.

Source – The Irish Independent