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Renewable energy group, Gaelectric has reached financial close on a portfolio of five onshore windfarms in Northern Ireland.
The windfarms will provide a total installed capacity of 51.5MW and are all expected to be completed by the end of 2016. One of the projects in Monnaboy is already operational.
The portfolio represents a total capital investment of £74 million and the majority of the £64 million senior debt has been advanced on an 18-year term loan basis and confirmed through the London office of German Bank Nord/LB.
Gaelectric chief operating officer Barry Gavin said: “We are delighted to have worked once again with Nord/LB in securing competitive project finance for the rollout of our onshore portfolio of wind assets in Ireland.
“These projects also represent a significant milestone towards our near term goal of achieving circa 400MW of generating wind assets on the island of Ireland by 2017.”
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