Renewable energy group raises € 65 million

Swedish investment vehicle Proventus Capital Partners has backed a € 65 million fund-raising by Irish renewable energy generation and energy storage group, Gaelectric.

Gaelectric will use the funds to develop its 164 MW wind portfolio which includes 13 projects across the island of Ireland. It expects to develop these projects by 2017, representing a total investment in the region of € 250 million.

The funding provided by Proventus was complemented by a senior debt package provided by German landesbank Nord/LB, and this debt financing has been used to finance the construction of the 13.8 MW wind energy project which is currently being energised by Gaelectric at Carn Hill, Co Antrim.

Gaelectric recently concluded an agreement with German turbine manufacturer Enercon, which will see Enercon technology deployed on all the Gaelectric sites covered by the current funding round.

“We now have 120 MW of wind energy projects with full planning approval and grid connection offers. 18 MW 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,” said Barry Gavin, group finance director with Gaelectric.

Mr Gavin said that the latest funding round would allow the firm to transition from being a pre-revenue, renewable energy development group to an“energy development and operating group with significant assets in Ireland producing renewable power, generating turnover and cash for the Group, and further returns for our shareholders and investors”.

Gaelectric was founded in 2004 and has offices in Dublin, Belfast, Chicago and Great Falls, Montana.