Dublin-headquartered renewable energy group, Gaelectric, announces that it has raised an additional €28m in debt financing from Proventus Capital Partners II AB (“Proventus”). This is the fourth round of financing that Gaelectric has completed with Proventus since December 2012. The funds will be applied in the continued rollout of Gaelectric’s portfolio of wind energy projects in Northern Ireland and the Republic of Ireland. Proventus is a Credit Investment Company that provides tailor-made credit facilities to midsized Western European companies.
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 66.35 MW 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.”
This funding round with Proventus follows Gaelectric’s recent announcement of an extended facility with Nord/LB of Stg.£53.3m on its 42 MW Dunbeg Wind Farm in Co. Derry/Londonderry and the successful conclusion of previous funding rounds which have seen Gaelectric raise in excess of €220m in equity and debt financing since 2012.
Gaelectric’s onshore wind funding and acquisition highlights have included –
– £53.3m 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% interest in the 11.5MW An Cnoc wind project located in Co Tipperary(March 2015)
– Conclusion of €35m debt financing with Nord/LB to construct the Faughary, Roosky, Leabeg and Ballagh wind projects (Dec 2014)
– Conclusion of €90m 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 €65m 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).
About Gaelectric – Gaelectric is a renewable energy group specialising in the development and operation of renewable energy assets and energy storage projects. Since its establishment in 2004, Gaelectric has developed out an extensive portfolio of renewable energy projects in a number of key markets. Gaelectric’s business is centred on project development and operations across the sustainable energy spectrum. Gaelectric is in the process of building-out a near term portfolio of 400 MW of wind generation in Ireland by 2017 and energy storage projects employing compressed air energy storage, battery and flywheel technologies in the United Kingdom, Ireland and the European mainland.
Gaelectric’s business operations include –
- Wind energy development and operations on the island of Ireland and in the United States.
- Off shore wind energy development in the Irish Sea
- Energy storage systems utilising compressed air energy storage (CAES), battery and flywheel technologies
- Biomass solutions
- Solar energy
- Trading and market services, and
- URnery – ‘pro-sumer’ solutions
Gaelectric has offices in Belfast, Dublin, London, Manchester, Chicago, and Great Falls (Montana).