Irish renewable energy company Gaelectric is to boost its on-shore wind portfolio, having raised €28m in funding.
Having already created greater ties with Tesla, Gaelectric say that the new debt funding will be pumped into its projects both in Ireland and Northern Ireland.
This marks the fourth round of financing that Gaelectric has completed with the capital investment group Proventus since December 2012.
Gaelectric was founded in 2004, and company representatives have stated that they hope to build a portfolio of 400MW of on-shore wind energy across Ireland by 2017.
The company also recently announced funding of £53.3m (€72.9m) for its 42MW Dunbeg Wind Farm in Co Derry, as well as the successful conclusion of previous funding rounds which have seen Gaelectric raise in excess of €220m in equity and debt financing since 2012.
Commenting on the announcement, Gaelectric’s head of corporate finance, Tom Nolan, said: “The completion of this funding round with Proventus Capital Partners, one of our key funding partners, is part of the phased funding programme which we are executing in the current year to support the growth of our operational onshore wind portfolio from 66.4MW currently to 177.6MW by the end of the year, with a further 66.35 MW commencing construction by that date.”
In July, the company signed a memorandum of agreement with fellow renewable energy company Oriel Windfarm to build a 15MW demonstration project for a future 870MW development in the Irish Sea.
To be called the North Irish Sea Array (NISA), the project will be the first major offshore renewable energy project to be developed in the Irish Sea since the construction of the Arklow Bank Wind Farm by GE Electricity in 2001.
Wind turbines image via Shutterstock