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Gaelectric raises an extra €28m financing

Dublin-headquartered Gaelectric has raised an additional €28m in debt financing from Proventus Capital Partners towards the continuing roll-out of its onshore wind energy portfolio in Ireland.

This is the fourth round of financing that Gaelectric has completed with Proventus since December 2012.

Proventus is a Credit Investment Company that provides tailor-made credit facilities to midsized Western European companies.

Tom Nolan, Gaelectric Head of Corporate Finance, said the completion of the funding round is part of the phased funding programme which the company is executing this year.

"This latest funding agreement with Proventus maintains the momentum that Gaelectric has created in our onshore wind business and creates further value for our partners and shareholders," he said.

Irish Independent