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Gaelectric receives €90 million funding boost

Dublin-based renewable energy group, Gaelectric, has been funded €90 million to develop and expand its wind and energy storage business in Ireland, the United States and the UK.

Some €30 million is from BlueBay Ireland Corporate Credit, while German landesbank Nord/LB has structured a €56 million project debt facility to finance the build out of Gaelectric’s 42 MW wind farm at Dunbeg, Co Derry/Londonderry. Dunbeg will be the third operating wind farm delivered by Gaelectric following operating projects at Skrine in Co Roscommon (2011) and Carn Hill (2013). Commercial operation of Dunbeg is planned to commence by in August 2014. 

Proventus Capital Partners has increased its existing portfolio finance facility with Gaelectric by €6 million.

Gaelectric recently announced a strategic alliance with international engineering firm Dresser-Rand to develop bulk energy storage projects using compressed air energy storage (CAES) technology.

“Our progress in 2013 has been rapid, on both the corporate/funding side and on the project development/operations side of our business,” said Gaelectric CEO Brendan McGrath. “This additional funding will allow us maintain the momentum we have created through next year and focus on our project milestones which ultimately create the value for our partners and investors.”

 

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