A close ally of Ireland's corruption-tainted former prime minister is behind the launch of a major windfarm project in Bulgaria, according to media reports.

Nial Ring, a member of the famous St Luke's inner circle that surrounded Bertie Ahern, is launching a major windfarm project in Bulgaria, the Irish Independent newspaper reported.

In a EUR 55 M reverse takeover deal to list on the PLUS market later this month, Captive Audience Display Solutions plc (CADS), a media-buying company, acquired Proventus Energy, a British renewable energy company.

Ring will be vice-chairman of the new entity, and plans are in place to develop a large windfarm in Bulgaria's northern wind corridor.

Ring predicts that annual income of EUR 60 M is possible from generating 84,000 megawatts of electricity mainly for export. Funding through a Japanese bank and planning and licensing are set up for phase one.

The former Fianna F?il leader is currently facing expulsion from his party if the Mahon Tribunal finds he was involved in corruption.

A report on political corruption is expected to be published soon and it is understood will be critical of Ahern's financial dealings while he was both taoiseach and Fianna F?il leader.

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