Gaelectric raises €28m to fund wind energy projects

Renewable energy group Gaelectric has raised €28 million in debt finance to fund the ongoing rollout of wind energy projects in Ireland.

The financing has been advanced by Proventus Capital Partners II AB. It is the fourth time, since December 2012, that Proventus has been involved in Gaelectric funding.

Henrik Bjerklin, investment director with Proventus Capital Partners, noted its funding of Gaelectric had supported the transition of its wind projects to operational status.

“Its onshore portfolio is grounded in projects with consents and grid connections in place, locations with strong wind resources and good generation technology,” he said.

Proventus specialises in providing tailor-made credit facilities to midsized western European companies.

Gaelectric head of corporate finance Tom Nolan said the company was growing its operational onshore wind portfolio from 66.4MW currently to 177.6MW by the end of the year, with construction on a further 66.35 MW starting this year.

The Proventus deal follows Gaelectric’s recent announcement of an extended facility with Nord/LB of £53.3 million on its 42 MW Dunbeg wind farm in Co Derry. Overall, the Dublin company has raised in excess of €220 million in equity and debt financing since 2012.