ESB and Coillte Arrange Loan to Build 35-Megawatt Wind Project

Ireland’s Electricity Supply Board and the national forestry-management company Coillte are borrowing from Bank of Ireland and Norddeutsche Landesbank Girozentrale for a 70 million-euro ($76.7 million) wind project.

The 35-megawatt Raheenleagh Wind Farm will be financed largely through long-term bank debt with the remainder funded through equity from ESB and Coillte, which each own half, Dublin-based ESB said Tuesday in a statement on its website.

Construction of the 35-megawatt facility is expected to start imminently and it should begin producing power in October

2016. Ireland has set a target of getting 16 percent of its electricity from renewable sources by 2020.

Before it's here, it's on the Bloomberg Terminal. LEARN MORE