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Gaelectric raises €28 million for onshore financing

IRELAND: Developer Gaelectric has agreed a financing deal with Swedish private investment firm Proventus Capital Partners, raising €28 million for its onshore portfolio.

Gaelectric's 13.8MW Carn Hill project was completed in 2013
Gaelectric's 13.8MW Carn Hill project was completed in 2013

According to Gaelectric, it is the fourth time Proventus has made funds available to finance the renewable energy group's portfolio.

The funding will go towards expanding Gaelectrics's onshore presence in the Republic of Ireland and Northern Ireland from its current capacity of 66.4MW to 177.6MW by the end of this year with a further 66.35MW under construction.

According to Windpower Intelligence, the research and data division of Windpower Monthly, Gaelectric's largest operating onshore project to date is the 42MW Dunbeg project in Northern Ireland. It uses 14 Enercon E-82 3MW turbines, supplied as part of a framework agreement signed between the developer and manufacturer in 2013.

"This group of projects is the foundation of our near-term focus to establish a portfolio of 400MW of operating wind assets by 2017 through internally developed projects and selected acquisitions where our teams can add value. 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," said Gaelectric head of corporate finance Tom Nolan.

In 2013, Gaelectric secured €65 million in funding from Proventus and German bank Nord LB.

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