Gaelectric agrees wind farm finance

Renewable energy and energy storage group Gaelectric has announced it has reached final agreement on a financing package for a portfolio of five wind farms in the North.

Total senior debt of £67 million (€86m) has been arranged through the London office of German bank Nord/LB to fund the five onshore wind farms through their construction into operation.

The portfolio consists of Gaelectric wind farms at Monnaboy, Cloonty, Inishative, Corby Knowe and Cregganconroe with a total installed capacity of 51.5MW. Monnaboy is operational, with the remaining wind farms scheduled to be in operation by the end of 2016.

The portfolio represents a total capital investment of £74 million. The majority of the senior debt of £67 million has been advanced on an 18-year-term loan basis.

Following financial close of the first two wind farms (Monnaboy and Cloonty) in December 2015, financing of the portfolio was completed through the addition of the final three projects at the end of May.

Gaelectric chief operating officer Barry Gavin said the projects "represent a significant milestone towards our near-term goal of achieving circa 400MW of generating wind assets" in Ireland by 2017.