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Gaelectric Gets $84 Million in Loans for Ireland Wind Farms

Gaelectric Holdings Plc, a Dublin-based renewable energy developer, received $84 million in loans to build wind farms in Ireland.

Proventus AB led the financing, which included debt from Norddeutsche Landesbank Girozentrale, Matthew Clark, a Gaelectric spokesman, said today by e-mail.

Enercon GmbH agreed to provide wind turbines for 13 onshore projects, which will cost about $325 million. They are expected to provide 164 megawatts of generation capacity and be completed by 2017, closely held Gaelectric said today in a statement. The NordLB debt financed construction of Gaelectric’s 13.8-megawatt Carn Hill project in Northern Ireland.

McCann Fitzgerald and RBC Capital Markets advised Gaelectric on the financing.

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