Gaelectric 164MW funding secures Enercon deal

Gaelectric said the funding was largely secured through Swedish venture capitalist Proventus Capital and German bank Nord LB. The company aims to develop 164MW across 13 projects by 2017, with a total investment of €250 million.

Speaking about the deal, Gaelectric finance director Barry Gavin said the company had 120MW with permitting and grid connection secured.

According to Windpower Intelligence, Gaelectric has one project online, the 4.6MW Skrine wind farm in Mayo, western Ireland. There are also around 27MW of projects set to come online this year.

Gavin said: "In our discussions with funders and investors we have been able to provide clear visibility of a portfolio of projects which have been substantially de-risked and which will be commissioned by 2017. We now have 120MW of wind energy projects with full planning approval and grid connection offers.

"Eighteen megawatt of this portfolio will be generating renewable power by Q1, 2013. Our onshore portfolio in Ireland will create sufficient generation capacity to power the energy needs of 85,000 homes and displace 262,000 tonnes of CO2 per annum."