Gaelectric buys 42MW Wexford farm
Wind-energy company Gaelectric has acquired a 42-megawatt windfarm in Wexford and upped a debt-financing arrangement with an ISIF-backed fund managed by Bluebay Asset Management from €30m to €45m.
The company has also energised three other windfarms in Offaly, Derry and Roscommon with a total capacity of 21 megawatt. One megawatt is enough to power about 650 homes.
The Wexford farm, Ballywater, has been acquired from the Lanber Group for an undisclosed sum.
Gaelectric has embarked on an ambitious acquisition strategy in recent times as it seeks to build a 400 megawatt portfolio of Irish onshore wind by the end of 2017. It is also working on an energy-storage project with Elon Musk's Tesla.
Gaelectric's head of corporate finance Tom Nolan said the company is on track to meet its portfolio target. He added: "This target is being achieved through a combination of projects developed in-house and through project acquisitions where we can add value. The increase in our debt financing with key funding partners... is central to our strategy."
Sunday Indo Business