Gaelectric raises €65m for growth

Renewable energy group Gaelectric has raised €65m in fresh loan funding, which will help finance the company’s plan to meet the energy needs of 85,000 homes by 2017.

The Dublin-headquartered energy generation and storage group is investing about €250m in developing its portfolio of 13 onshore Ireland energy projects over the next five years.

This loan facility will underpin the 164-megawatt wind portfolio, which should create sufficient generation capacity to power the energy needs of 85,000 homes and displace 262,000 tonnes of carbon dioxide per year.