Irish renewable energy company Gaelectric has successfully completed a round of funding to the tune of €65 million for its portfolio of on-shore wind energy projects.

Barry Gavin, Gaelectric's Finance Director, said it was the culmination of a number of months’ work by the company in what is a difficult funding environment.

The funders are Swedish and German-based.

He described the deal as an endorsement and a vote of confidence in the renewable energy market in Ireland and in the country itself.

"This is the first phase of our onshore Ireland portfolio. We've 13 projects on the island of Ireland with 164MW of electricity. We expect to have 18MW operational by Q1 this year."

Barry Gavin estimated that 164MW would provide energy for around 85,000 homes.

"It would also displace 260,000 tonnes of carbon dioxide on an annual basis," he added.

As well as its windfarms in Ireland, Gaelectric is also involved in a project in the US where 510MW farms are being developed for operation in the coming years.