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Wind farm operator Gaelectric wins over £75m in funding

By David Elliott

Wind farm operator Gaelectric has secured funding worth over £70m to help finance its business.

The funding round is financed to the tune of £25m by Bluebay Corporate Credit and a further £47m by German bank Nord/LB.

The latter will be used to finance a 42 megawatt wind farm in Dunbeg near Limavady, a site which has already secured planning permission and connection to the electricity grid.

It will be the third wind farm to be built by the company in addition to Skrine in Co Roscommon and Carn Hill in Newtownabbey. Dunbeg is expected to be completed by August 2014.

Gaelectric CEO Brendan McGrath is confident the funding will help the company progress. "This funding will allow us to maintain the momentum we have created and focus on our project milestones which ultimately create the value for our partners and investors," he said.

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