FORMER EXECUTIVES from green energy operator SWS are to head up an Irish subsidiary of Element Power, a global group backed by a $1 billion investment fund.
Tim Cowhig, former chief executive of SWS Energy, which was sold to State company Bord Gáis last year for €500 million, will head up Element’s Irish operation.
Two former members of its management team, Peter O’Donovan and Kevin Harte, will be joining him in the Cork-based business.
Element is backed by US-based specialist private equity player, Hudson Clean Energy Partners, which successfully closed its $1 billion debut fund last December.
Element is focused on investing in and developing wind and solar power and in energy storage systems. It has operations in the US, France, Italy, Poland and Spain.
It intends to build a presence in Ireland through developing new projects, buying existing operations and joint ventures. Element’s chief operating officer and president, Mike O’Neill, said yesterday it had a strategy of hiring professionals with a track record in delivering projects and creating value.
Mr Cowhig said yesterday that “Element Power and Hudson Clean Energy Partners have shown great confidence in the Irish market with their plans to invest in the Irish wind industry”.
State company Bord Gáis, bought SWS for €500 million last December from its owners, a group of private equity investors which was backed by Dublin firm, Ion Equity.
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