Leading social finance provider reaches €100m target

Minister Paschal Donohoe attends milestone cheque presentation by Clann Credo Community Loan Finance to Ireland’s first community-owned energy company

 A milestone of €100 million investment in Ireland’s community and voluntary sector was reached today (Thurs July 5th) by Clann Credo - Community Loan Finance. The occasion was marked with a cheque presentation by Mr Paschal Donohoe, TD, Minister for Finance and Public Expenditure and Reform to Tipperary-based based CRES (Community Renewable Energy Supply). This loan brings Clann Credo’s total investment to date to €100,020,000.

The €100 million milestone celebration comes amid a rapid rise in demand for Community Loan Finance, and Clann Credo today also announced that it is on track to approve a further €50 million in lending over the next two years.

Since pioneering the concept of social finance in Ireland in 1996, Clann Credo has been at the forefront of developing innovative investment models for local community development.

Unlike traditional lenders, it takes account of the impact that a project will have on the community, and, to date, it has invested in over 900 community, charity and social enterprise groups.

Mr Paschal Donohoe, TD, Minister for Finance and Public Expenditure and Reform, who attended the Clann Credo event in the newly refurbished Irish Social Finance Center in Inchicore, welcomed the increased take-up of social finance by community organisations countrywide.

“Clann Credo has built up a wealth of experience and expertise with specially tailored social finance services that support community projects across Ireland.

“The ongoing development of the social finance sector, which provides finance for investments that yield a social as well as a financial return, has been supported by my Department since the launch, by one of my predecessors, of the Social Finance Foundation in 2007 with an initial €25 million seed fund provided by the banking sector.

“The Government remains committed to further promoting the development of social finance, supporting sustainable local initiatives and social enterprises that deliver jobs and services in the community,” he said.

Speaking at the cheque presentation, Clann Credo CEO, Paul O’Sullivan said “Clann Credo operates on the principles of equality, inclusivity and empowerment. Communities are best placed to identify their own needs. CRES in Tipperary is an excellent example of such a model, both increasing renewable energy production and assisting local communities by keeping the energy spend within their local area.

“We have seen a rapid rise in demand for Community Loan Finance since 2015. As part of our target to approve a further €50m over the next two years, we are seeking expressions of interest from community-based groups and charities that can demonstrate a positive social impact and are committed to reinvesting surpluses in their community or social purpose,” he said.

Gregg Allen from CRES (Community Renewable Energy Supply) said ‘It is clear that communities have a vital role to play in the transition to a low-carbon economy. We are delighted that Clann Credo is committed to supporting this work. CRES offers a sustainable, community-owned alternative to existing power supply companies whilst encouraging communities to take some of the responsibility as well as reaping the benefits of renewable energy generation’.

Minister Donohoe also had an opportunity to see the recently refurbished Irish Social Finance Centre which is now Clann Credo’s National Headquarters. This Art Deco style building was a former AIB branch, built in the 1940’s. A protected structure in the heart of Inchicore, it has been brought back to life as a shared office space for over 60 workers. 

Business Contact Details:

CRES: Gregg Allen 052 7443090 / 086 8340812

Clann Credo: Roisin Mulligan 01 400 2100 / 086 3098098

ENDS

For further information on this media release, please contact:

John Gallagher

Tel. 087 9369888

Note to Editors:

CRES (Community Renewable Energy Supply) is the trading name of Templederry Renewable Energy Supply Limited, Ireland’s first and only community-owned energy supply company licensed by the Commission for the Regulation of Utilities (CRU), under section 14 (1) of the Electricity Regulation Act, 1999.

CRES seeks a triple bottom line - supporting communities, a cleaner environment and value for money. It buys electricity generated from renewable energy sources throughout the island of Ireland.  

Since 2014 CRES has provided small medium sized renewable energy generators the opportunity to trade on the Single Electricity Market.  Before CRES, small generators of electricity were unable to sell their power to business or domestic consumers and could only supply for their own direct use. 

CRES currently supplies renewable electricity to over 30 customers including residential, community facilities, commercial and local businesses and farms.  The company is now expanding and Community Loan Finance from Clann Credo provides the working capital it needs to grow and offer consumers a genuine sustainable choice.

www.cres.ie

Clann Credo - Community Loan Finance provides community loan finance to voluntary, charity, sports and community groups countrywide. 2017 saw it approve more than €20 million in new lending. It lends in circumstances where conventional banks and lenders and credit unions may not provide loans. 

Clann Credo does not ask volunteer committee members to personally guarantee loans.  It does not penalise a charity or club if the loan is repaid early even on fixed interest rate loans. 

Clann Credo is a social enterprise and a registered charity.  It does not receive government funding.  It obtains its capital from religious charities and the Social Finance Foundation. 

 www.clanncredo.ie

Irish Social Finance Centre

This Art Deco style, 1940’s protected structure in the heart of Inchicore has been brought back to life as a shared office space and is now the National Headquarters for two of Ireland’s leading charities, Age Action Ireland and Clann Credo – Community Loan Finance.

The original banking hall was restored to its former glory, with the first and second floors retaining their original art deco features. 

Restoration of one of Inchicore’s landmarks was made possible by a generous support of the Presentation Sisters.  A grant from the SEAI assisted with the installation of thermal insulation and energy efficient heating systems. 

Irish Social Finance Centre (ISFC) was established by Clann Credo - Community Loan Finance to provide shared office accommodation and training support to the community and voluntary sector. 

It is a not-for-profit organisation with its own Board but shared staff with Clann Credo.  

The ISFC maintains a consistent ethos of empowerment and capacity building.  It delivers support services by collaborating with organisations to grow and improve their social enterprise activities. 

Loans of almost €70m announced by Social Finance Foundation

2016 Annual Report also points to strong growth in Microfinance and Personal Microcredit sectors

Cumulative loans of almost €70m have been issued by the Social Finance Foundation to community organisations, according to its 2016 Annual Report, issued on the10th anniversary of its establishment this week.

The Foundation was set up with €25m in equity from the Irish Banking industry to provide loan funding for community organisations that have difficulty accessing mainstream credit facilities. It has since expanded through a subsidiary, Microfinance Ireland, to provide loans for micro enterprises and through the design and delivery of Personal Microcredit facilities as an alternative to moneylending.

Its 10th Anniversary Conference is taking place in Smock Alley Theatre, Temple Bar, Dublin on morning of June 1st 2017.

Key points in the 2016 Annual Report include:

l  Loan approvals of €15.6m in 2016 to community organisations for local development initiatives and cumulative loans now approaching €70m.

l  €5.4m microfinance loan approvals in 2016 alone - to almost 400 microenterprises, creating 990 jobs

l  Extension of the new Personal Microcredit facilities to 225 credit union offices providing an alternative to moneylending for those who cannot access mainstream loans.

l  Working in partnership with relevant government departments to further support social enterprise policy

The Foundation, recorded an annual surplus of €429,000 in 2016.

According to the Foundation’s CEO, Brendan Whelan, “over 660 community organisations have been supported throughout Ireland over the past decade, from our first loan to Ballybunion Community Centre in 2007 to our latest to Equal Ireland this year. The Foundation’s core business is the provision of loan finance for community organisations’ initiatives as diverse as the development and refurbishment of community centres, sports facilities, childcare, community enterprise, social housing for elderly, special needs, heritage and tourism.

Mr Whelan said that “while these types of loans are all considered very high risk and are mostly outside the loan parameters of mainstream financial institutions, the loan loss experience of lending to communities has been excellent.  Very importantly, the financial support of the Irish Banking industry has enabled the Foundation to develop a sustainable model for its business”

 “The establishment in 2012 of Microfinance Ireland (MFI) with the Department of Jobs, Enterprise and Innovation (DJEI) is a great example of collaboration between the public, private, social sector and in this case the EU.   MFI has lent €15m to 1,100 micro-enterprises and created or supported 2,900 jobs.

“Since Nov. 2015 Personal Microcredit services have been rolled out for individuals unable to obtain credit from mainstream institutions, as an alternative to moneylenders who often charge interest of over 180%. The Foundation is proud to have played a leading role in its inception, design and implementation.” he said

“We are currently in discussions with the Department of Arts Heritage Regional Rural and Gaeltacht Affairs on working in partnership to research the development of a policy, strategy and implementation roadmap for the development of the social enterprise sector. The sector offers significant jobs and social potential as it is underdeveloped here relative to other comparable countries.” Mr. Whelan said.

ENDS

For further information on this media release:

John Gallagher    -    John Gallagher Consulting   -   Tel. 087 9369888

‘No personal guarantee’ loans launched for sports bodies

Clann Credo, Ireland’s largest Community Loan Finance provider, today (Wed. Feb. 7th) launched a new €10m Community Sports Loan fund to assist sports clubs that may be unable to access finance on reasonable terms.

The new fund was officially launched in the National Sports Campus, Blanchardstown, by Brendan Griffin, TD, Minister of State at the Department of Transport, Tourism and Sport and attended by Kerry GAA and basketball star, Kieran Donaghy.

It is expected that loans will average in the region of €60,000.

Most notably, loans will be provided without the requirement for a personal guarantee from club members, a factor that often limits the potential of sporting bodies to obtain funding for essential projects. Attractive interest rates will apply to all loans.

Clann Credo CEO, Paul O’Sullivan, said that “the fund is specifically geared to support clubs and sports bodies wishing to roll-out initiatives linked to the government’s recently announced Sports Capital Programme and has been developed based on our experience of needs among sports bodies to date.

“Over 1,700 clubs and sporting groups will benefit from the €56m Sports Capital Programme. However, many projects with an approved grant still face obstacles in accessing bridging loans to enable them to draw down their allocation. Grants are only released when the associated works or equipment have been paid for,” he said.

Community Sports Loans will be available to any viable amateur sports initiative, in addition to those in receipt of grants under the government’s Sports Capital Programme.

“In the past volunteers have often been required to give personal guarantees or even asked to borrow in their own names.  This is an unfair obligation to place on any committee member, who is already devoting huge amounts of time and energy to the club. This requirement has placed an unnecessary strain on the relationship between volunteers and their clubs and has in many cases prevented very necessary developments.

“Clann Credo evaluates applications based on community impact as well as ability to repay. We never seek personal guarantees for loans.

“Having over 20 years’ experience lending to community groups, we have learned that community commitment is an equally good collateral. Local groups whether with sporting or other links, ensure that the project goes ahead and loans are repaid in good faith,” Paul O’Sullivan said.

Community Sports Loans are part of a specialised service developed by Clann Credo, itself a registered charity, as part its overall work with Voluntary, Charity and Community Groups countrywide. 

In recent years Clann Credo has invested in more than 100 amateur sports clubs and community managed sports facilities around the country, including GAA; Judo; Soccer; Rowing; Archery; Baseball; and Gymnastics.

Over the past 20 years, Clann Credo has loaned over €97 million to more than 900 projects nationwide, empowering, revitalising and transforming communities by providing valuable jobs, facilities and services.

More info on Community Sports Loans and on Clann Credo at:  www.clanncredo.ie

Brendan Griffin, Minister of State at the Department of Transport, Tourism and Sport with Kerry All Star, Ciaran Donaghy, at the launch of Clann Credo's €10m Sports Loan Fund, Feb. 2018

ENDS

For further information on this media release please contact:

John Gallagher

John Gallagher Consulting

Tel. 087 9369888

Gender equality in third level remains a distant hope - The Irish Times

Minister of State for Higher Education, Mary Mitchell-O'Connor, TD with Aidan Seery, President and Joan Donegan, General Secretary, Irish federation of University Teachers, at the Annual Conference of IFUT, May, 2018.

Read Joan Donegan's OpEd in Irish Times, August, 2018 on

Gender equality in third level remains a distant hope - The Irish Times

Minister of State for Higher Education, Mary Mitchell-O'Connor, TD with Aidan Seery, President and Joan Donegan, General Secretary, Irish federation of University Teachers, at the Annual Conference of IFUT, May, 2018.

Lumcloon Energy forms partnership with Korean energy giant, Hanwha Energy Corporation, to invest €150m in renewable energy and jobs in Midlands

Offaly based Lumcloon Energy Limited, founded by local entrepreneur Nigel Reams, has agreed a partnership with (giant) South Korean energy company, Hanwha Energy Corporation, to develop two new 100MW sustainable energy projects in the Midlands

Based in Lumcloon and Shannonbridge in west Offaly, the projects will involve a combined investment of €150 million and provide more than 120 jobs at construction phase.. 

The new power facilities, based on state-of-the-art battery storage technology, are a ‘100% clean’ power source. It involves no direct use of fuel or emissions, instead storing and releasing small but highly flexible amounts of power to respond to public demand and grid requirements.

The two facilities are unobtrusive, almost silent in operation and not a power plant in the conventional sense.  

Mr. Ji Ho Shin, Executive Director of Hanwha Energy Corporation, said this partnership would be a significant cornerstone to contribute to the energy business in Ireland.

“Hanwha would expect to support the energy policy in Ireland by taking the opportunity to develop and install Battery Energy Storage Solutions (BESS), enhancing the stability and reliability of power system in Ireland.”

“With long-time experience in the energy business across the globe, Hanwha would like to accomplish remarkable energy projects in Ireland, ” he said.

Nigel Reams, CEO of Lumcloon Energy, said the project will deliver a custom-made and cost-friendly services for the renewable energy age and greatly reduce the looming threat of emissions fines from the EU related to 2020 targets.

“This project will provide essential back-up for Ireland’s rapidly expanding renewable energy sector and benefit consumers and business alike. We have worked very closely with Eirgrid on earlier pilots for this project, and received ongoing support funding from the EU Commissions FP20 programme.

“Together with our partners, Hanwha and a second Korean company LSIS, this project solves the energy supply risks from the wide variability of wind power as we increase our reliance and dependency on renewables,” he said.

Eirgrid, the national grid operator, earlier this month announced ‘record levels’ of 65% mainly wind-based renewable energy following a successful five-month trial and aims for 75% levels in the near future.

“Our electricity traditionally came from highly pollutant sources, like coal, gas oil. Those days are rapidly coming to an end and this project will help make Ireland instead the world leader in renewable energy,” Nigel Reams said.

ENDS

For further information on this media release please contact:

John Gallagher, John Gallagher Consulting.  Tel +3538793698988

About Hanwha Group and Hanwha Energy Corporation:

Hanwha Group, founded in 1952, is one of the Top-Ten business enterprises in South Korea and a “FORTUNE Global 500” company. Hanwha Group has 52 domestic affiliates and 126 global networks in three major sectors: manufacturing and construction, finance, and services and leisure. With more than 60 years track record of industrial leadership, Hanwha’s manufacturing and construction businesses encompass a broad range of fields from basic chemicals and advanced materials to property development and total solar energy solutions. The finance network, covering banking, insurance, asset management and securities, is the second largest non-bank finance group in South Korea. The services and leisure sector offers premium lifestyle services with retail and resort businesses.

As a subsidiary and as the global downstream project development arm of the Hanwha Group, Hanwha Energy Corporation (HEC) is an Independent Power Producer (IPP) whose primary business is to own and operate utility-scale energy projects. HEC is now beginning to invest globally in utility-scale solar PV and ESS assets and has a large investment appetite for PV and ESS projects. HEC is responsible for Hanwha’s solar development activities around the world. Based in Korea, Japan and USA, HEC employs approximately 60 solar downstream business professionals responsible for the development, engineering, construction, financing, and operations and maintenance functions for our projects. Currently HEC has a portfolio of approximately 3.0GW of solar PV projects under various stages of development, construction, and operations.

About Battery Energy Storage Solutions (BESS):

This development will introduce Battery Energy Storage Solutions (BESS) to Ireland for the first time on a commercial basis. It is aimed specifically at supporting Ireland’s 2020 renewable targets by enabling greater levels of wind and solar to be accommodated on the Grid.

BESS is an established technology internationally, including UK, US, Australia and mainland Europe. It involves storage of existing power from the grid and resupply at times of power shortage.

In South Korea, where much of the BESS experience and expertise originates, the power system has been successfully supported by BESS for several years.

Applying this knowledge to Ireland, BESS will assist with:

·    Facilitation of indigenous renewable power generation and lower curtailment

·    Reduction in the production cost of electricity, cutting costs to consumers

·    Enhancement of power system stability and reliability by providing  system services efficiently

·    Improvement of the operational efficiency and emissions intensity of power generation.

Ireland’s 2020 renewable targets and timelines are extremely challenging. This project can be delivered within one year and become operational in time to realise the benefits before 2020, when Ireland must meet binding EU emission reduction targets, or face considerable fines.

ENDS

Nigel Reams, CEO, Lumcloon Energy and Jiho Shin, Executive Director,
Hanwha Energy Corporation, Korea, at the announcement of a €150m renewable energy investment for Ireland, April 2018.