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Gaelectric's £67m funding for Northern Ireland wind farms

Published 07/06/2016

The Monnaboy wind farm outside Eglinton in Co Londonderry
The Monnaboy wind farm outside Eglinton in Co Londonderry

Irish renewable energy giant Gaelectric has taken out funding of £67m from a German bank to complete five onshore wind farms in Northern Ireland.

The financial boost from Nord/LB will be used to build wind farms at Monnaboy, Cloonty, Inishative, Corby Knowe and Cregganconroe.

The Monnaboy farm in Co Londonderry is already up and running.

The wind farms Inishative, Corbyknowe and Cregganconroe are in Co Tyrone, while Cloonty is in Co Antrim.

Gaelectric chief operating officer Barry Gavin said: “We are 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.”

A report from the Department for the Economy has said 25.4% of electricity consumed here in the year to March 2016 was from renewable sources, up from 5.5 percentage points.  And 90.2% of that came from wind sources. 

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