McCann FitzGerald advises Gaelectric in relation to the acquisition and financing of Cloghboola Wind Farm

We acted for Gaelectric Holdings plc in relation to the acquisition of Tweedcrest Limited for approximately €70m from Enercon Independent Power Producer GmbH. Tweedcrest is the ultimate owner of Cloghboola Wind Farm, a 46MW operational wind farm located in Co. Kerry. The consideration paid to Enercon was part-funded (in an amount of approximately €60m) utilising an innovative hybrid project financing structure arranged through Nord LB. This debt portion comprised a 19.5 year fixed rate note and a shorter 9.5 year term loan including a credit enhancement facility. Nord LB acted as structuring bank and mandated lead arranger providing a loan of approximately €36m. A Hastings-advised fund, working in partnership with Nord LB, provided €26m for the fixed rate note when the transaction completed.