Wednesday 28 September 2016

Gaelectric borrows another €28m for wind

Published 06/09/2015 | 02:30

Wind farms are growing as concerns about global warming fuel the search for renewable energy
Wind farms are growing as concerns about global warming fuel the search for renewable energy

Gaelectric, the renewable-energy group that has its HQ in Dublin, has borrowed an extra €28m from Proventus Capital to help finance its wind-energy projects in the Republic and Northern Ireland. It is Gaelectric's fourth round of borrowing from Proventus since December 2012.

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The company both builds and buys wind farms. It owns or part-owns wind projects in Kilkenny and Tipperary and is building others at Faughary, Roosky, Leabeg and Ballagh. It wants to almost triple its wind-generating capacity by the end of the year, from 66.4 megawatts to 177.6mw and ultimately to 400mw by 2017.

Gaelectric has raised over €220m in equity and debt financing since 2012. It is expected to complete a near half-billion euro funding round in September. The €450m package will be a mix of debt, equity and project finance.

The company also has interests in biomass and energy storage. It recently signed a deal with Elon Musk's Tesla to collaborate on a renewable-energy storage project aimed at reducing the need for renewables to be backed up by fossil fuels. The company is also involved in solar projects in the UK.

Gaelectric was founded in 2004 by brothers Eamonn and Brendan McGrath and Barry Gavin, its chief financial officer.

Sunday Indo Business

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