Ireland-based renewable energy and energy storage group Gaelectric has closed a €38m financing agreements with Allied Irish Banks to develop two wind farms in county Kilkenny, Ireland.
The financing agreements on both projects will be valid for 15 years.
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Last year, Gaelectric purchased Ballybay wind farm, which will feature six Enercon turbines and will generate 13.8MW of energy.
Another wind farm Foyle, which will be equipped with four Enercon turbines and will generate 9.6MW energy, is currently being managed by Gaelectric on behalf of Art Generation.
Expected to become operational during second quarter of next year, both the farms, along with Cnoc Wind Farm near Grange in County Tipperary, comprise the Blanchfield Cluster which feeds into a 34MW underground grid connection located near Thurles in County Tipperary.
Once operational, both Ballybay and Foyle wind farm will be able to meet the demands of 9,300 and 6,500 homes, respectively.
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By GlobalDataGaelectric chief operating officer Barry Gavin said: “We acquired our interests in the Blanchfield Cluster around the middle of 2015. We are very pleased to have concluded financing agreements to fund construction just 12 months later.
“In the last four months, we have also energised three windfarms with a total installed capacity of 21MW, at Leabeg in County Offaly, Roosky in County Roscommon and Monnaboy in County Derry.
“Our operating and ‘under construction’ wind portfolios now comprise about 240MW across 16 projects.”
Each of the wind farms will operate under the management of Gaelectric Trading and Market Services (GTAMS) under 15-year service agreements.
In June, Gaelectric completed financing on a portfolio of five wind farms in Northern Ireland.
