Island Renewable Energy, which was founded in 2009 by several former executives ofNTR, is seeking to raise up to €20 million in equity to fund the rollout of wind farms and solar projects in Ireland, Wales and Portugal.
The company believes it can raise up to half of the cash from high net worth clients of stockbrokers in Dublin, and is currently in talks with several firms to agree an investment mandate.
Island was founded by its chief executive Michael King, the former chief operating office of NTR, and its chief financial officer Dave Geary, formerly the group treasurer of NTR. It is chaired by Paul Dowling, the former chief executive of Airtricity.
Mr King told The Irish Times yesterday that it has a development pipeline of 700MW, and plans initially to roll out 100MW annually for the next four years.