Gaelectric reveal 51.5MW wind plans

The financial injection, involving a total senior debt of £67m which has been arranged through the London office of German bank Nord/LB, will help fund wind farms in Cloonty, Inishative, Corby Knowe and Cregganconroe, all of which are expected to be operational this year and will add to Monnaboy’s existing wind system.

The senior debt has been advanced on an 18-year-term loan basis, while Gaelectric has stated that financial close was reached on the Monnaboy and Cloonty wind farms in December 2015, with financing of the full portfolio completed late last month.

Barry Gavin, Gaelectric chief operating officer, says the company is delighted to have worked once again with Nord/LB in securing competitive project finance for the rollout of our onshore portfolio of wind assets in Ireland.

"These projects also represent a significant milestone towards our near-term goal of achieving circa 400MW of generating wind assets on the island of Ireland by 2017,” he said.

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