Gaelectric acquires the 42 MW Ballywater wind farm Lanber Group

According to sources, Irish renewable energy group Gaelectric acquired from the Lanber Group the 42MW Ballywater wind farm in Wexford (Ireland) in December 2015.

The Lanber Group is an Irish privately held group with interests in food processing, agri-business, and the hotel and property sectors in Ireland and overseas.

The 21-turbine wind farm, which was operational since 2005, features Enercon E-70 hardware.

Additionally, the Dublin-based renewables firm has announced that it has energised the 4.6MW Leabeg wind farm in Offaly, the 4.6MW Roosky project in Roscommon and 12MW Monnaboy in Derry.

The acquisition and project completions bring the company’s operational onshore wind portfolio to 175MW.

The company has also nine projects, comprising 95MW of installed capacity, under construction. The company expects to complete further acquisitions of renewable porjects over the coming months.

Gaelectric has also increased its debt financing facility with Bluebay Corporate Credit I Limited (‘BICC’) to €45m secured on a portfolio of Gaelectric’s onshore wind assets. The Group previously announced a €30m debt facility with BICC in December 2013.

In addition to these transactions, Gaelectric’s onshore wind funding and acquisition highlights during 2015 have included:

• €28.0m debt financing from Proventus Capital Partners (August 2015)
• £53.3m refinancing of Dunbeg Windfarm Limited (July 2015)
• Acquisition of the 13.8MW Ballybay wind project located in Co. Kilkenny (March 2015)
• Acquisition of a 50% interest in the 11.5MW ‘An Cnoc’ wind project located in Co. Tipperary (March 2015)
• Acquisition of 48MW project in Co. Kerry (Feb 2015)

In September 2014, we announced that Gaelectric acquired Imperative Energy Ltd., a leading provider of biomass energy solutions in Ireland and the United Kingdom.