Gaelectric, a renewable energy generation and energy storage group, has raised $84 million in funding for its portfolio of onshore wind energy projects in Ireland.
The portfolio comprises 164 MW of generation capacity across 13 projects that the company plans to develop by 2017, representing a total investment in the region of $325 million.
The funding is led by Swedish group Proventus Capital Partners, and Gaelectric was assisted with the transaction by McCann Fitzgerald and RBC Capital Markets. The funding has also been complemented by a senior debt package structured and provided by Nord LB. Gaelectric says the debt financing has been used to finance the construction of a 13.8 MW wind energy project in Northern Ireland, which is currently being commissioned by Gaelectric.
In addition, Gaelectric has concluded a framework agreement with German turbine manufacturer Enercon. Under the agreement, Enercon technology will be deployed on all the sites covered by the current funding round for Gaelectric's Irish projects.