HitecVision, a leading European energy investor, and Reinova Partners, a newly established energy transition investment firm, have announced the establishment of a new Irish onshore renewables platform. Lirion Power launches with the signing of an agreement to acquire a portfolio of six operating windfarms totaling 166 MW (net 116 MW) from Greencoat Renewables plc.
Lirion Power aims to grow through acquisitions of mid-life operating onshore wind assets - unlocking additional value through co-located new build, re-contracting and repowering - as well as greenfield development targeting mid-term growth. Building a next-generation player in the Irish power market, HitecVision and Reinova Partners have started to build an experienced management team to lead the strategy.
Ireland stands out as one of Europe’s most compelling power markets, driven by a combination of robust GDP growth where accelerating electrification and integration of renewables will be key to meeting climate targets. With increasing demand for low-carbon energy, Ireland offers significant potential for building a platform with differentiated operational and financial capabilities, that can support growth from both operational assets and new organic opportunities
The initial portfolio comprises six fully operational wind farms across the Republic of Ireland, including a 50% operational stake in a flagship 100 MW wind farm, one of the largest privately held onshore wind assets in the country. The portfolio has a strong operating history and benefits from firm grid connections and existing offtake agreements. It also presents opportunities to combine re-contracting with potential co-location of new solar and battery energy storage (BESS), as well as long-term repowering.
'This launch represents a significant milestone in our strategy of building profitable growth-focused companies in support of the European energy transition' said Erlend Basmo Ellingsen, CEO and Managing Partner at HitecVision. 'Ireland combines world-class wind resources, rising electrification and clearly defined growth targets for renewable energy. With Lirion Power we can apply our proven value creation model to scale a platform with a clear focus on operational value enhancement and long-term growth.'
Ralf Rank, Co-founder of Reinova said 'Ireland is a market where we see a unique opportunity to leverage prior business building experience and build a new kind of renewables company. Maximizing the use of existing assets to provide new additional co-located renewables and flexibility will be the key to driving energy security and transition at lower cost for consumers. We are excited to partner with HitecVision which allows us to match that ambition with scale and staying power, creating a platform that can play a meaningful role in Ireland’s energy transition.'
About Lirion Power
Lirion Power is a new kind of Irish onshore renewable player, building a platform through consolidation of mid-life operating onshore wind assets and focusing on operational and organic value-add, in one of Europe’s most attractive power markets.
About Reinova Partners
Reinova Partners is a newly established energy transition investment firm co-founded by two former executives of Brookfield Asset Management. Our approach is to invest where we can add more than capital by actively supporting management teams and value creation through building platform companies or executing business transformations. We plan to invest in areas where we can leverage our experience in sectors such as clean electricity, clean fuels, decarbonization of industry and other key infrastructure and industrial enablers of the energy transition, including district energy and carbon capture. We have offices in London, UK and Greenwich, Ct.
Source: HitecVision
