This week's Irish news roundup includes updates on the Deposit Return Scheme, legal battles over energy auctions, the Central Bank's budget increase, the sale of Waterford Whisky, LifeSight's private equity investment and Overhaul's latest funding round.
Re-Turn, the not-for-profit group running the Deposit Return Scheme, is to review the fees that producers are charged later this year, reports the Sunday Independent. Under the scheme, drinks manufacturers have to ensure their bottle and can products comply with various rules. This involves paying producer fees, which help cover the cost of running the scheme, including the cost of raising awareness and cost of collecting the empty containers for recycling.
Reviewing the fees will spark hopes among many drinks manufacturers and breweries that some of the costs of the scheme will be reduced in the year ahead, the newspaper said.\The Independent Craft Brewers of Ireland (ICBI) has been calling for the producer fee to be scrapped for those designated a “microbrewery” by Revenue.\The companies behind three gas plants and a battery project worth a combined €1 billion have launched legal action against the energy regulator and EirGrid after being blocked from bidding in an energy auction, reports the Business Post. Coolpowra Flex Generation and its sister company Coolpowra Bess brought the judicial review proceedings in the High Court in November, as did Kilshane Energy. The Coolpowra companies were behind a 500 megawatt (MW) plant and a 400MW battery project near Portumna, Co Galway. The plant, whose parent company is Lumcloon Energy, founded by Nigel Reams, will cost €500 million to build.\The Central Bank increased its budget by 6 per cent to €419 million this year to pay for an expanding workload and is reviewing the levy it charges regulated firms to source extra funding, reports the Sunday Times. The Central Bank Commission approved the €25 million spending increase at a November meeting where the annual business plan and budget were finalised. According to minutes of the meeting cited by the newspaper, deputy governor Vasileios Madouros said that at the current spending trajectory, costs would continue to rise beyond 2025 by 3-6 per cent a year.\More than 70 would-be buyers will be invited to bid for Waterford Whisky, the distillery business founded by industry veteran Mark Reynier, according to the Sunday Times. The sales process is being handled by Mark Degnan and Daryll McKenna of Interpath Advisory, the company’s joint receivers, who aim to sell the business as a going concern rather than break up the company and sell the distillery and stocks separately. No guide price has been set, the newspaper reported, but the company’s assets are thought to be worth more than 100 million.\Retirement fund specialist LifeSight is to become the first so-called master trust pension operator in Ireland to invest in private equity, with an initial allocation of €150 million, reports the Sunday Independent. A master trust is a multiemployer pension trust administered by an outside firm. It is an increasingly popular way for bigger companies to administer retirement funds for their employees. LifeSight, which is owned by global advisory firm WTW, has a growing number of defined contribution pension schemes in its master trust in Ireland, with approximately 60,000 members and €4 billion committed assets under management.\Overhaul, the Irish-founded but US-headquartered supply chain logistics company led by Barry Conlon and David Broe, has secured a further $55 million (€53.7 million) in funding with the new financing to be used to invest in AI, and to support acquisitions, reports the Business Post. Springcoast Partners has led what is the biggest raise in the company’s history with existing investors Edison Partners and Americo, also participating
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