Gaelectric secures €38m to fund two wind farms in Co Kilkenny

Renewable energy company agrees financing deal with AIB

Roosky wind farm in Co Roscommon. Ballybay Wind Farm and Foyle Wind Farm in Co Kilkenny are expected to become operational during the second quarter of 2017.

Roosky wind farm in Co Roscommon. Ballybay Wind Farm and Foyle Wind Farm in Co Kilkenny are expected to become operational during the second quarter of 2017.

 

Renewable energy company Gaelectric has completed a €38 million financing agreement with AIB for the construction of two wind farms in Co Kilkenny.

Ballybay Wind Farm, near Tullaroan, will feature six Enercon turbines generating 13.8MW of electricity, which will meet the demand of about 9,300 homes.

Foyle Wind Farm will have four Enercon turbines generating 9.6MW, Gaelectric said, and will meet the demand of about 6,500 homes.

Operational in 2017

Both wind farms are expected to become operational during the second quarter of 2017.

Ballybay was acquired by Gaelectric in 2015, while Foyle is being managed by Gaelectric on behalf of Art Generation Ltd. Both wind farms, together with Cnoc Wind Farm near Grange in Co Tipperary, comprise the Blanchfield Cluster that feeds into a 34MW underground grid connection located near Thurles, Co Tipperary.

“We expect that the momentum in our wind business will continue,” said Gaelectric chief operating officer Barry Gavin.

In the last four months, the company has also opened three wind farms with a total installed capacity of 21MW. These are located at Leabeg in Co Offaly, Roosky in Co Roscommon and Monnaboy in Co Derry.

Senior AIB manager Jim Arigho said the Ballybay and Foyle wind farm projects would reduce Ireland’s carbon footprint and increase security of supply by displacing fossil fuel imports from outside the Irish economy.

Service agreements

Each wind farm will operate in the market under the management of Gaelectric Trading and Market Services under 15-year service agreements.

Gaelectric, established in 2004, is a privately held renewable energy group specialising in the development and operation of renewable energy assets and energy storage projects. It has offices in Belfast, Dublin, Manchester and Chicago.

The company recently secured some €8.28 million in funding from the European Union to develop an energy storage project in Northern Ireland. The 330MW Larne compressed-air energy storage project was previously awarded European Union grant support of €6.5 million for front-end engineering and design studies.

It will provide large-scale generation capacity to Northern Ireland, helping to integrate electricity generation from renewables and enhance energy security in both the UK and Ireland.