Finance is being supplied by a bank syndicate of Commerzbank and Nord LB. Construction of the project, which will comprise eight Nordex turbines, can proceed quickly, says ABO Wind.
Commissioning is planned for summer 2010. The project has had a chequered history. It was sold to Danish fund Green Wind Energy in summer 2008, with ABO Wind due to carry out construction.
Green Wind Energy did not manage to find financing under the difficult market conditions, so ABO Wind repurchased the project in autumn 2009 with a view to starting construction before its consent window expired.
The company now hopes to re-sell the project. Board member Jochen Ahn says numerous investors have expressed an interest in the site, which enjoys average wind speeds of over 8 m/s.
In summer 2009, ABO Wind financed its first Irish wind farm: the EUR71 million 32.5 MW Glenough project in Tipperary with 13 Nordex turbines. Unlike Gortahile, the company plans to retain ownership of Glenough, which will be operated by its Eurowind subsidiary.