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Gaelectric raises €90m in new funding

Gaelectric will use the funds to invest in wind energy projects
Gaelectric will use the funds to invest in wind energy projects

Renewable energy company Gaelectric has raised €90 million in new funding.

The Dublin-based company will use the funds to invest in wind energy projects, among which is a wind farm in Derry for which it has secured a €56 million debt facility from the German Landesbank Nord/LB.

Most of the remaining €34 million is made up of a €30 million investment by Bluebay Ireland Corporate Credit - a substantial proportion of which comes from the National Pensions Reserve Fund.

In March the company raised €65 million to help fund its portfolio of on-shore wind energy projects.