A Co Antrim concrete firm has struck a £1.1m deal with a UK renewable energy firm.
Jersey-based wind farm company Renewable Energy Generation is to buy the majority ownership of a wind project to be built by Toomebridge firm Creagh Concrete.
The 6-megawatt (MW) wind farm is to be built at the company’s Brackagh Quarry near Draperstown, with Renewable expected to take a share of 4MW initially.
Work is due to begin later this year and is expected to be completed in 2012.
Renewable Energy is set to pay Creagh £1m in cash and £100,000 in shares.
The agreement includes any further expansion of the current wind farm and the companies may work together on future wind projects.
Planning permission for the wind farm was granted on May 30, with the company’s managing director Seamus McKeague describing it as an opportunity both to utilise green energy and to export electricity to the grid.
He said: “We are committed to developing a sustainable business and this renewable project helps secure employment and investment in the business.”
Creagh has also secured planning permission for a |single wind turbine at its site in Ardboe, Co Tyrone, which will provide electricity for its hollowcore flooring factory.
The company describes renewable energy as “a keystone to the business”.
In May, it launched a new business division, Creagh Energy, specialising in renewable energy technologies such as bio gas and solar panels.