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Fresh EIB cash for Bord Gais wind

€90m loan extension will help bankroll 87.5MW Knockacummer in Cork

Fresh EIB cash for Bord Gais wind  image

Irish company Bord Gais has confirmed the receipt of €90m from the European Investment Bank to support construction of one of Ireland's largest wind farm projects.

The utility said while announcing 2012 financial results that the loan extension will help to fund work at the 87.5MW Knockacummer project in County Cork, which is expected to support 80 jobs.

The lending, which was first reported exclusively in Decemeber in subscriber-only newsletter reNews, pushes total EIB funding at Bord Gais to €245m.

Construction at the 35-turbine wind farm recently kicked off under a turnkey contract with Nordex, which will be supplying 2.5MW turbines. Full operation is expected in 2014.

Bord Gais posted an 11% year-on-year increase in its EBITDA to €380m for 2012, while revenues grew by 1% to €1.625bn. Profit before tax was up 29% to €121m.

The company is one of Ireland's largest wind farm operators, controlling 15% of installed capacity. It has 174MW of projects in construction, 100MW due to reach financial close in the next two years and a further 350MW in medium to long-term development.

Image: Nordex is spearheading construction at the 87.5MW Knockacummer wind farm (Nordex)

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