Idermar Appoints Narec to Advise Them on UK Market Entry

Leading UK Renewable Energy Finance and Insurance Company Narec Capital, has been appointed by Idermar, developer of Europe’s leading Offshore Wind Meteorology Platform technology, to advise on finance, insurance and UK market entry. Both partners announced their plans at the UKTI sponsored Offshore Wind Workshop held in Bilbao on the 27-28th February 2012.

Idermar Meteo is a joint venture between SODERCAN, Group APIA XXI, the Environmental Hydraulics Institute IH Cantabria, of the University of Cantabria (UC) and the Helium Company. This offshore energy research and development company is looking to deliver a market leading technology to provide the installation and operation of offshore based Meteorological mast Projects for the production of wind and related data.

Jerry Biggs, Chief executive of Narec Capital, commented: “We are delighted to have been appointed by Idermar, which cements the collaborative relationship we have had with the company over the last few months. Our rapidly growing financial risk mitigation and technical due diligence activities are already helping us to bring much-needed additional financial capacity into the renewable sector. We are looking forward to working with the team at Idermar to accelerate their development and commercial strategy over the coming months.”

A representative from Idermar said, “We are pleased to announce the appointment of Narec Capital to assist us with achieving our next stage of growth and entry into the UK Offshore Wind market. We have worked closely with Narec Capital over the last few months and I have complete confidence that with their specialised finance and insurance team working alongside us we can achieve our commercial objectives.”

Derek Doyle, UK Trade & Investment Director, for Offshore & Marine Energy workshop, today in Bilbao commented: “The north of Spain is the focus for the development of marine energy and eventually offshore floating wind in Spain. British companies have the technology to take part in these important projects, and to do so need local partners for their execution. The scope for cooperation in these exciting projects is enormous, and the alliance between Narec Capital and Idermar launched at our UKTI sponsored Offshore and Marine Energy Workshop today is evidence that together we can tackle the challenges that the development of offshore wind and marine energy represent”.

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Offshore WIND staff, February 29, 2012.