French investor Eiffel Investment Group will step in to finance the development of a major Irish biomethane plant expected to cost €50 million and power up to 10,900 homes each year.
The production facility, which is based in Monasterevin, Co Kildare, is currently under construction, expected to start operating in 2026. It will be developed and operated by Irish-based Evergreen Agricultural Enterprises.
“This is an important step in delivering the project which will be the largest biomethane project in Ireland at the time of completion,” said Katarzyna Kubizna, one of the owners of Evergreen Agricultural Enterprises alongside Patrick Meade.
The plant will produce approximately 120 gigawatt-hours of renewable biomethane annually, with a net output of up to 109 gigawatt-hours per year after internal consumption.
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“We are delighted to be at the forefront of this developing industry and are excited to continue to work with the Eiffel team in bringing the project through to completion,” she said.
The company agreed a deal with Gas Networks Ireland in October to connect the €50 million biomethane production plant in directly to the national gas network.
Biomethane is a renewable gas generated by the breakdown of organic waste products such as food and farm waste through a process called anaerobic digestion. After purification, it can be used similarly to natural gas.
The Evergreen previously said it expects the construction and operation of the plant to create up to 75 direct and indirect local jobs.
French asset manager Eiffel Investment Group is backed by the Impala group founded by entrepreneur Jacques Veyrat. The group has €8 billion of assets under management and is funded both by retail investors and institutional backers, such as insurance companies, pension funds, and banks.
Alexis Sarton, investment director at the Eiffel Investment Group said the project “combines technical excellence, environmental, sovereignty and economic value, and strong engagement with local stakeholders, an infrastructure model we promote across Europe.”
