Finavera Renewables Limited, a private Irish company dedicated to the development of renewable energy resources and technologies in Europe, today announced the launch of a new round of capital raising.
Finavera is building a portfolio of renewable energy assets in wind power, wave power and biodiesel technology in Europe. Finavera’s current round of capital raising will enable it to develop its two existing wind farms in Ireland, increase its equity stakes in two leading wave power companies, and to acquire a stake in an innovative low-cost biodiesel technology.
From its existing asset base and projects, Finavera expects to generate significant revenues from its 180MW of wind power projects, 170MW of wave power projects and the roll-out of its new and unique biodiesel technology within 2-3 years. Finavera Renewables intends to add further wind and wave projects, as well as new technologies, to its current portfolio. Finavera Renewables plans to list on London’s Alternative Investment Market, in late 2005, and has appointed Libertas Capital plc as its sponsoring broker and nominated advisor.
Finavera Renewables was recently separated from Finavera Limited in order to create an entity which focuses primarily on renewable energy. Finavera Renewables’ objective is to become a leading renewable energy producer in Europe through the acquisition of cornerstone interests in key technologies, by securing project development rights and by leveraging its technology asset base.
To sweeten the deal, Finavera also announced the appointment of key senior management team member. Finavera has appointed Michael Reynolds as non-executive Chairman. Finavera has also appointed Adrian Neville to the position of Director, Structured Finance.
Jason Bak, Finavera Renewables CEO, commented, “We are delighted to welcome Michael to the Finavera team. He brings breadth and depth of experience in asset acquisition, project management and project execution in the energy industry”. He continued, “We are equally pleased to announce the appointment of Adrian Neville as Director, Structured Finance. Adrian joins us from Goodbody Corporate Finance, where he was a founding member of their structured finance team. He brings Finavera a wealth of capability in the financing of renewable energy projects, along with an in-depth knowledge of the European energy sector.”