Those who invested in forestry in Mayo 15 to 20 years ago could be in the position to reap up to €10,000 per acre according to SWS Forestry. With almost 11 per cent of land in Mayo afforested, those who invested in forestry back then could be in line to cash in. Michael Moran, area manager for Mayo for SWS Forestry, speaking following the company’s annual strategy meeting in Carrick-on-Shannon, Co Leitrim, last week said the early planted part of the national estate is now in the timber production phase and returning attractive dividends to these pioneers.
He said, “Those who took the longer term view will now see their investments returning dividends. Not alone has the land value increased but they are now set to reap up to €10,000 per acre from the timber crop once timber production commences.”
Moran went on to say that that the sector is still in its infancy and has a lot more to deliver. “We must capitalise on this extraordinary natural resource to build a sustainable industry that will keep on delivering to farmers, investors, and the wider community. For example, while the concept of using forest residue to produce heat and power is relatively new in Ireland it is well tried and tested in Europe. Ireland has some of the best tree growing conditions in Europe, with an annual growth rate almost three times that of Finland where the energy use from biomass is 18 per cent compared to Ireland’s 1.3 per cent”