An anaerobic digestion (AD) plant planned for Carnaross in Co. Meath could deliver an “exciting opportunity” for farmers to diversify into renewable energy, according to the project promoter, Pat Smith.
Meath County Council gave the project the green light last year and Curragh Biogas Ltd is now in the driving seat to develop a new 50GW biomethane plant at Carnaross.
Smith, who is director of Curragh Biogas Ltd and managing director of Local Power Limited, today (Monday, November 11) said farmers could “earn a sustainable long term income” from growing crops and grass silage for the plant.
He has also suggested that farmers could benefit by “lowering their fertiliser costs with the organic fertiliser produced as a digestate by-product of biomethane production from the new plant”.
According to Smith the project’s technology partner is the Austrian company headquartered company, Biogest, which has completed over 200 biogas plant projects, generating electricity and biomethane worldwide.
The new AD plant in Co. Meath will be able to use farm slurries, chicken litter and up to 3,000ac of grass or maize silage annually.
AD plant
The team at Curragh Biogas are currently seeking investments from farmers, “interested companies and farmer owned co-op groups” for the new Co. Meath AD plant.
They have also outlined that farmers who want to supply feed stock to the plant for a “minimum agreed period” could also potentially consider investing in the project under Employment and Investment Incentive Scheme (EIIS) rules.
The EIIS investment would be in the form of “redeemable shares in the project with repayment forecast after four years”.
Funds being raised for Curragh Biogas Ltd are being managed and overseen by Business Venture Partners (BVP), a specialist in EIIS fund management.
“Investors will have their monies overseen and independently managed by Business Venture Partners (BVP) who will also have a seat on the board of Curragh Biogas Ltd.
“The funds invested via the EIIS are entitled to 50% tax relief based on current EIIS rules. The forecast Return on Investment (ROI) is 18% per year,” Curragh Biogas Ltd stated.
It has also detailed that farmers who opt to invest in the project through this EIIS scheme can benefit from an investor status in the business where their original investment, net of tax relief, is returned but the shareholding is retained for the longer term.