The future of a Ballybofey bioenergy plant is in focus after private investors indicated that they want to sell the project.
Glenmore is owned by Connective Energy Holdings, headed by well-known Donegal businessman Karol McElhinney.
Mr McElhinney previously owned the Herdman’s Mill site in Tyrone and in 2017 bought the Grianán Estate on Lough Swilly, one of Ireland’s biggest organic farms,” for €17.5m.
Invest NI provided a £9.3 million loan to the Glenmore Project in 2016 as part of a plan to turn 25,000 tonnes of poultry litter per year from the north into energy.
The loan, offered through the Sustainable Use of Poultry Litter (SUPL) scheme, was provided to Glenmore Generation Limited (GGL), registered in Sion Mills, Co Tyrone.
The remainder of the funding for the £23m Glenmore anaerobic digester in Ballbofey came from a commercial loan from SQN.
The private equity company subsequently provided additional funds for the project.
MLAs in Stormont’s Economy Committee were last week informed that Invest NI had been in the process of developing a business case to support “a turnaround” of the project.Tags: