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Gaelectric Wins NordLB, Pension-Backed Funds for Renewable Plans

Nov. 28 (Bloomberg) -- Gaelectric Holdings Plc, a Dublin-based renewables company, agreed to more than 90 million euros ($122 million) of funding to expand and finance a wind farm.

Norddeutsche Landesbank Girozentrale will loan 56 million euros to fund construction of the 42-megawatt farm at Dunbeg in Londonderry, Northern Ireland, Gaelectric said in a statement.

BlueBay Ireland Corporate Credit, set up by London-based BlueBay Asset Management LLP with investment from the National Pensions Reserve Fund of Ireland, will contribute 30 million euros to expand Gaelectric’s business and Proventus Capital Partners gave 6 million euros, according to today’s statement.

Gaelectric develops wind farms and energy storage ventures in Ireland, the U.S. and U.K., regions promoting wind power with support programs such as feed-in tariffs, tax credits and renewable energy certificates.

To contact the reporter on this story: Sally Bakewell in London at sbakewell1@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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