Proventus Capital Partners makes first Irish investment

March 25, 2013

Proventus Capital Partners has provided a direct loan to Irish privately held Gaelectric, an Irish renewable energy generation and energy storage. The company has a portfolio of on-shore wind energy projects on the island of Ireland which comprises 164 MW of generation capacity and is planned to be developed out by 2017.

The direct loan is part of Gaelectric’s project financing for development of the on-shore wind portfolio. Proventus Capital Partners provides direct loans to companies in several different situations and stages of development including expansion capital, working capital, refinancing, recapitalisation, restructuring and project financing.

Proventus Capital Partners’ investment in Gaelectric builds on a deep experience in funding companies within the field of renewable energy. Proventus AB is among other things a founder of Power Wind Partners (“PWP”) which owns six wind farms with a total annual production exceeding 250 GWh, making PWP one of the largest on-shore wind power producers in Sweden. Proventus Capital Partners has also been active in financing companies within i.a. solar power and biogas.

The loan to Gaelectric was the first investment for Proventus Capital Partners in Ireland. Proventus Capital Partners is actively evaluating further investments on Ireland and hopes to be able to fund additional midsized companies.

The news of this investment arouse attention in Ireland. Amongst other Irish News reports that ‘It is hoped construction of the farms could create more than 220 jobs…(…). There will also be 60 operational and maintenance jobs.’ Irish Times tells us that ‘Gaelectric will use the funds to develop its 164 MW wind portfolio which includes 13 projects across the island of Ireland. It expects to develop these projects by 2017, representing a total investment in the region of 250 million Euro.’ The Irish Independent highlights the fact that Gaelectric has applied for a licence to develop a deepwater offshore wind project in the Northern Irish Sea and that the power could be exported to Britain. ‘Gaelectric’s on-shore portfolio in Ireland will create sufficient generation capacity to power the energy needs of 85 000 homes and displace 262,000 tonnes of carbon dioxide per annum….’

Links to media coverage:

Irish Times PDF

The Irish Times 030513