Gaelectric completes €38 million financing package on two wind farms in county Kilkenny

Gaelectric, the Dublin-headquartered renewable energy and energy storage group, announces that it has concluded agreements on a total €38 million financing package for the construction of two wind farms in county Kilkenny. Ballybay was acquired by Gaelectric in 2015, whereas Foyle is being managed by Gaelectric on behalf of Art Generation Limited. Both wind farms, together with Cnoc Wind Farm near Grange in Co. Tipperary, comprise the Blanchfield Cluster which feeds into a 34 MW underground grid connection located near Thurles in Co. Tipperary.

Ballybay Wind Farm, located near Tullaroan in Co. Kilkenny, will comprise six Enercon turbines and will generate 13.8 MW of electricity, sufficient to meet the demand of approximately 9,300 homes. Foyle Wind Farm, located approximately 2.5km to the south east of Ballybay, will comprise four Enercon turbines and will generate 9.6 MW of electricity, sufficient to meet the demand of approximately 6,500 homes. Both wind farms will become operational during Q2 of 2017.

Commenting, Gaelectric Chief Operating 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.”

Commenting, equity holder and originator of the Blanchfield Cluster, Richard Walshe, said: “We have reached important milestones for Ballybay and Foyle wind farms in successfully concluding financing. Both projects will shortly be generating clean, sustainable energy from wind. It has been an enjoyable co-operative experience working with the Gaelectric team which has brought about the completion of the financing structure for the projects in a very professional manner.”

The total financing package is being provided by Allied Irish Banks, plc. The tenor of the financing agreements on both projects is 15 years. Commenting, Senior Allied Irish Banks Manager, Jim Arigho, said: “AIB is delighted to be working with Gaelectric and Art Generation on these projects which further demonstrate AIB’s commitment to supporting the development of renewable generation capacity in Ireland. Not only do projects such as these reduce Ireland’s carbon footprint but they increase our security of supply by displacing fossil fuel imports from outside the Irish economy.”

Each wind farm will operate in the market under the management of Gaelectric Trading and Market Services (‘GTAMS’) under 15-year service agreements. Gaelectric’s energy markets division, GTAMS, offers bespoke management services tailored to the requirements of individual projects including asset development, regulation, market modelling, portfolio management, energy trading and risk management.