Gaelectric concludes €38m financing package for two Irish windfarms

8 August 2016 (Last Updated August 8th, 2016 18:30)

Gaelectric has completed agreements on a €38m financing package for the development of two windfarms in county Kilkenny, Ballybay and Foyle.

Gaelectric has completed agreements on a €38m financing package for the development of two windfarms in county Kilkenny, Ballybay and Foyle.

Gaelectric acquired the Irish Ballybay farm near Tullaroan last year, while the Foyle farm is managed by the company on behalf of Art Generation. Along with the Cnoc windfarm near Grange in County Topperary, the two projects form the Blanchfield Cluster, which supplies electricity to a 34MW underground grid connection located near Thurles.

Gaelectric's CEO 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.”

"The two projects form the Blanchfield Cluster, which supplies electricity to a 34MW underground grid connection located near Thurles."

Ballybay will be equipped with six turbines, which will be able to generate 13.8MW of electricity. This is enough to meet the electricity requirements of nearly 9,300 households.

Foyle is around 2.5km to the south east of Ballybay and will feature four turbines. It will be able to produce 9.6MW of electricity, which can supply power to approximately 6,500 families.

Both of the windfarms are expected to be in operation during Q2 of next year. With a tenure of 15 years, the total financing package is being provided by state-owned Allied Irish Banks.

Allied Irish Banks' senior manager Jim Arigho said: “Not only do projects such as these reduce Ireland’s carbon footprint but they increase our security of supply by displacing fossil fuel imports from outside the Irish economy.”

The windfarms will operate under 15-year service agreements under the management of Gaelectric Trading and Market Services (GTAMS).