Gaelectric is raising $77m from capital markets to fund a series of proposed wind power developments in Ireland.

The company announced securing planning permission for two onshore wind-power plants in Co Derry, both of which would have the capacity to generate a total of 25 MW of electricity.

Wind power
It also emerged that Gaelectric has hired Royal Bank of Canada Capital Markets to aid it in raising $77m to fund a series of projects that it is planning across Ireland.

The company now has planning approval for plants with a total capacity of 130 MW around the country, which would require a total investment in the region of €260 million, reports the Irish Times.

The energy industry hopes that market supports, such as the guaranteed prices offered to wind energy projects in Ireland, will help attract more institutional investors and venture capitalists to the industry.

Gaelectric also has plans to build wind farms with a total capacity of 510 MW in Montana in the north western US by 2015 and over the longer term in the US, it is hoping to erect enough turbines to generate 1,435 MW of electricity at full capacity.

The Irish Wind Energy Association holds its annual conference at the Inec in Killarney, Co Kerry, today.

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