Financing agreed for two Gaelectric wind farms

Gaelectric has agreed a  €38 million financing package for construction of two wind farms in county Kilkenny.

Ballybay, near Tullaroan, will comprise six Enercon turbines and will have a capacity of 13.8MW. Foyle, south east of Ballybay, will comprise four Enercon turbines and will have 9.6MW capacity. Both wind farms will become operational during Q2 of 2017.

Gaelectric chief oerating officer, Barry Gavin, said:  “We acquired our interests in the Blanchfield Cluster around the middle of 2015. We are very pleased to have concluded financing agreements to fund construction just 12 months later. In the last four months, we have also energised three windfarms with a total installed capacity of 21MW, at Leabeg in Co. Offaly, Roosky in Co. Roscommon and Monnaboy in Co. Derry. Our operating and ‘under construction’ wind portfolios now comprise about 240 MW across 16 projects. We expect that the momentum in our wind business will continue.”

The total financing package is being provided by Allied Irish Banks, plc.  The tenor of the financing agreements on both projects is 15 years. Each wind farm will operate in the market under the management of Gaelectric Trading and Market Services under 15-year service agreements.

 

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