Gaelectric has confirmed a £67m senior debt deal with German bank Nord LB to finance the build out of five wind farms in Northern Ireland totalling more than 50MW.
The Dublin-based developer said the portfolio includes the 12MW Monnaboy, 10MW Cloonty, 5MW Corby Knowe, 13.8MW Cregganconroe and 11.5MW Inishative wind farms spread across the north.
Both Monnaboy and Cloonty reached financial close last year with the final three projects joining the financing package last month, Gaelectric said.
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. These projects also represent a significant milestone towards our near term goal of achieving circa 400 MW of generating wind assets on the island of Ireland by 2017.”
The wind farms will feature Enercon turbines and will require a capital investment of £74m, the majority of which will be provided by Nord under an 18-year term loan.
Image: Gaelectric’s operational 42MW Dunbeg wind farm in Northern Ireland (Gaelectric)
Gaelectric banks NI wind
Nord LB funds £67m build out of five projects totalling more than 50MW
By EBS