Gaelectric has raised an additional €28 million in debt financing from Proventus Capital Partners II AB (Proventus).

The funds will be applied in the continued rollout of Gaelectric's portfolio of wind energy projects in Northern Ireland and the Republic of Ireland.

Henrik Bjerklin, Investment Director with Proventus Capital Partners, said: "From our initial engagement in 2012 with Gaelectric, we have now participated on a further three occasions in providing finance to Gaelectric to support the transition of its wind projects to operational status. Its onshore portfolio is grounded in projects with consents and grid connections in place, locations with strong wind resources and good generation technology. We are delighted to be able to support Gaelectric in realising its ambitions."

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Tom Nolan, Gaelectric Head of Corporate Finance, said: "The completion of this funding round with Proventus Capital Partners, one of our key funding partners, is part of the phased funding program which we are executing in the current year to support the growth of our operational onshore wind portfolio from 66.4MW currently to 177.6MW by the end of the year, with a further 66.35 MW commencing construction by that date. This group of projects is the foundation of our near term focus to establish a portfolio of 400 MW of operating wind assets by 2017 through internally developed projects and selected acquisitions where our teams can add value. This latest funding agreement with Proventus maintains the momentum that Gaelectric has created in our onshore wind business and creates further value for our partners and shareholders."

(CD)