Ireland: Gaelectric announces troika of key business developments

Dublin-headquartered renewable energy group, Gaelectric, announces a number of significant developments within its wind energy business.

In a recent four week period, Gaelectric energised three windfarms with a total installed capacity of 21MW, namely Leabeg in Co. Offaly, Roosky in Co. Roscommon and Monnaboy in Co. Derry. With recent acquisitions and in-house developed assets, the Gaelectric portfolio now comprises 175MW of operational assets. A further 9 projects, comprising 95MW of installed capacity, are in construction with further acquisitions expected to complete over the coming months.

Gaelectric also announces that it has acquired Ballywater Wind Farm in Co. Wexford from the Lanber Group, a privately held group with interests in food processing, agri-business, and the hotel and property sectors in Ireland and overseas.  Ballywater Wind Farm has been operating successfully for 10 years and has an installed capacity of 42 MW, sufficient to meet the power needs of over 27,000 households.

Gaelectric has increased its debt financing facility with Bluebay Corporate Credit I Limited (‘BICC’) to €45m secured on a portfolio of Gaelectric’s onshore wind assets. The Group previously announced a €30m debt facility with BICC in December 2013.

Commenting, Tom Nolan, Head of Corporate Finance at Gaelectric, said:  “These developments see Gaelectric remain on track to grow its portfolio of operating wind assets to reach our near term goal of 400MW plus by the end of 2017. This target is being achieved through a combination of projects developed in-house and through project acquisitions where we can add value. The increase in our debt financing with key funding partners, BICC, is central to our strategy and follows on the successful completion of previous funding rounds which have seen Gaelectric raise total funds of €300 million approx. since 2012.”

Ross Morrow at BlueBay Asset Management LLP, which manages BICC, said: “We are delighted to be once again supporting Gaelectric as they grow their onshore wind assets and extend their business operations into new areas including energy trading and market services for their own and third party assets.”

In addition to these transactions, Gaelectric’s onshore wind funding and acquisition highlights during 2015 have included:

• €28.0m debt financing from Proventus Capital Partners (August 2015)
• £53.3m refinancing of Dunbeg Windfarm Limited (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)
• Acquisition of 48MW project in Co. Kerry (Feb 2015)