Dublin-headquartered renewable energy group Gaelectric has announced that it has raised an additional €28m in debt financing from Proventus Capital Partners II AB ('Proventus'), and the funds will be applied in the continued rollout of Gaelectric’s portfolio of wind energy projects in the Republic and the North
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Dublin-headquartered renewable energy group Gaelectric has announced that it has raised an additional €28 million in debt financing from Proventus Capital Partners II AB (‘Proventus’). The funds will be applied in the continued rollout of Gaelectric’s portfolio of wind energy projects in the Republic and the North.

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.

The funding round with Proventus follows Gaelectric’s recent announcement of an extended facility with Nord/LB of £53.3 million on its 42 MW Dunbeg Wind Farm in Co Derry and the successful conclusion of previous funding rounds which have seen Gaelectric raise in excess of €220 million in equity and debt financing since 2012.

Commenting, Henrik Bjerklin, investment director with Proventus Capital Partners, noted: “From our initial engagement in 2012 with Gaelectric, we have now participated on a further three occasions in providing finance to Gaelectric to support the transition of its wind projects to operational status.

“Its onshore portfolio is grounded in projects with consents and grid connections in place, locations with strong wind resources and good generation technology. We are delighted to be able to support Gaelectric in realising its ambitions.”

Commenting, Tom Nolan, Gaelectric head of corporate finance, said: “The completion of this funding round with Proventus Capital Partners, one of our key funding partners, is part of the phased funding program which we are executing in the current year to support the growth of our operational onshore wind portfolio from 66.4MW currently to 177.6MW by the end of the year, with a further 66.35MW commencing construction by that date.

“This group of projects is the foundation of our near term focus to establish a portfolio of 400 MW 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.”

Gaelectric’s onshore wind funding and acquisition highlights have included:

  • £53.3 million refinancing of Dunbeg with Nord/LB (July 2015);
  • Acquisition of the 13.8MW Ballybay wind project located in Co Kilkenny (March 2015);
  • Acquisition of a 50 per cent interest in the 11.5MW An Cnoc wind project located in Co Tipperary(March 2015);
  • Conclusion of €35 million debt financing with Nord/LB to construct the Faughary, Roosky, Leabeg and Ballagh wind projects (Dec 2014);
  • Conclusion of €90 million debt financing with Bluebay Ireland Corporate Credit, Nord/LB and Proventus Capital Partners (Dec 2013);
  • Framework agreement with international wind turbine and services group, Enercon GmbH, in respect of Gaelectric’s onshore wind portfolio in Ireland (June 2013);
  • Conclusion of €65 million debt financing with Proventus Capital Partners and Nord/LB to support construction of the Carn Hill Wind and the delivery of Gaelectric’s near-term portfolio of onshore wind energy projects on the island of Ireland (April 2013).
http://www.engineersjournal.ie/wp-content/uploads/2015/09/aaw1.jpghttp://www.engineersjournal.ie/wp-content/uploads/2015/09/aaw1-300x300.jpgDavid O'RiordanNewsenergy,funding,renewables,wind farms
  Dublin-headquartered renewable energy group Gaelectric has announced that it has raised an additional €28 million in debt financing from Proventus Capital Partners II AB ('Proventus'). The funds will be applied in the continued rollout of Gaelectric’s portfolio of wind energy projects in the Republic and the North. This is the fourth...