Gaelectric announces financial close on 51MW of wind farms

Gaelectric, the renewable energy and energy storage group, has reached financial close on five wind farms in Northern Ireland. Debt of £67million, arranged through German bank, Nord/LB on an 18-year term, will be a major component of the total £74 million cost of the wind farms.

The Monnaboy, Cloonty, Inishative, Corby Knowe and Cregganconroe wind farms will have a total installed capacity of 51.5MW. Monnaboy (12MW) is already operational, and all the wind farms will be in operation by the end of 2016.
Gaelectric chief operating officer Barry Gavin, said: “We are delighted to have worked once again with Nord/LB in securing competitive project finance for the rollout of our onshore portfolio of wind assets in Ireland. These projects also represent a significant milestone towards our near term goal of achieving circa 400 MW of generating wind assets on the island of Ireland by 2017.”

Gaelectric also recently began operations at the Leabeg wind farm (4.6MW) in County Offaly.