Gaelectric raises EUR90 million for wind project

November 29
3:15 AM 2013

Irish wind farm company Gaelectric said it has received new funding worth more than EUR90 million for its Dunbeg wind project. According to a report by the Irish Independent, BlueBay Ireland Corporate Credit I Ltd. will provide EUR30 million for the company. BlueBay is backed by Ireland's National Pension Reserve Fund. EUR65 million will come from a non-recourse project debt facility with German bank Nord/LB. The remaining EUR6 million will come from an existing portfolio financing facility with Proventus Capital Partners, the report said. 

Irish Independent said Gaelectric has raised EUR65 million in debt finance earlier this year. 

Gaelectric chief executive Brendan McGrath told the Irish news daily that the additional funding will enable the company to maintain the momentum it has created through next year. It will also enable the Irish wind farm operator to focus on its project milestones.

Dunbeg will be the third operating wind farm delivered by Gaelectric following operating projects in Roscommon and Longford, Irish Independent said.  

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