Gaelectric raises €90m in wind farm funding

Windfarm company Gaelectric said yesterday that it had agreed new funding worth more than €90m from Irish and German sources.

The company said €30m will come from the National Pension Reserve Fund-backed BlueBay Ireland Corporate Credit group. A further €56m has come from a non-recourse project debt facility with German bank Nord/LB, which will be used to build out the Dunbeg wind project off the North’s coast.

A further €6m has come from an existing portfolio financing facility with Proventus Capital Partners

Gaelectric, which has 50 employees, is active in Ireland, the US and the UK.

The company said yesterday that Dunbeg has a grid connection and full planning approval. Site preparation works began earlier this year. Dunbeg will be the third operating wind farm delivered by Gaelectric following operating projects at Roscommon and Longford.

Gaelelectric raised €65m in debt finance earlier this year.

“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 chief executive 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.” Source: The Irish Independent.