Ireland's Gaelectric adds 63 MW to wind portfolio

Irish renewable energy company Gaelectric on Sunday announced the acquisition of the 42-MW Ballywater wind farm and the energising of 21 MW of wind power generation capacity.

The Ballywater wind park is located in County Wexford, southeastern Ireland and has been operating for 10 years. It was bought from Lanber Group, an Ireland-based company with interests in food processing, agri-business and the hotel and property sectors. The acquisition consideration was not announced.

The newly launched 21 MW, meanwhile, comprise the Leabeg, Roosky and Monnaboy projects in counties Offaly, Roscommon and Derry, respectively. Another nine projects with a combined capacity of 95 MW are in construction and further acquisitions are expected to be completed over the coming months.

Gaelectric further said it has increased its debt financing facility with Bluebay Corporate Credit I Ltd to EUR 45 million (USD 49.3m) from the EUR 30 million announced in December 2013.

Tom Nolan, head of corporate finance, said the developments meant the company remained on track to grow its operating wind portfolio to reach its near-term goal of over 400 MW by the end of 2017. It already has 175 MW of operational assets, including recent acquisitions and in-house developed assets.

(EUR 1.0 = USD 1.096)

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