Windfarm above Eglintonenergised by Gaelectric

In a recent four week period, Gaelectric energised three windfarms with a total installed capacity of 21MW, at Monnaboy, Leabeg in Co. Offaly, and Roosky in Co. Roscommon.

Gaelectric has also announced that it has increased its debt financing facility with Bluebay Corporate Credit I Limited (‘BICC’) to 45m euro secured on a portfolio of Gaelectric’s onshore wind assets.

The Group had previously announced a 30m euro debt facility with BICC in December 2013.

Tom Nolan, Head of Corporate Finance at Gaelectric, said: “These developments see Gaelectric remain on track to grow its portfolio of operating wind assets to reach our near term goal of 400MW plus by the end of 2017.

“This target is being achieved through a combination of projects developed in-house and through project acquisitions where we can add value.

“The increase in our debt financing with key funding partners, BICC, is central to our strategy and follows on the successful completion of previous funding rounds which have seen Gaelectric raise total funds of 300 million euro approx since 2012.”

Ross Morrow at BlueBay Asset Management LLP, which manages BICC, said: “We are delighted to be once again supporting Gaelectric as they grow their onshore wind assets and extend their business operations into new areas including energy trading and market services for their own and third party assets.”

In addition to these transactions, Gaelectric’s onshore wind funding and acquisition highlights during 2015 have included £53.3m refinancing of Dunbeg Windfarm Limited,near Limavady in July 2015. Gaelectric is a privately-held renewable energy group specialising in renewable energy assets and storage projects.