In a new funding round led by Swedish group, Proventus Capital Partners, funds to the tune of _65 million ($84 million) have been raised by Dublin-based renewable energy group Gaelectric.

With the Gaelectric energy generation and energy storage group making an investment of nearly _250 million in developing its portfolio of 13 onshore Ireland energy projects in the coming five-year period, the funds raised in the latest funding round will go towards the materialization of the company's plans to meet the energy requirements of 85,000 homes by 2017.

The new loan funding will chiefly strengthen the 164-megawatt wind portfolio; thereby helping the company to not only create enough generation capacity for powering the energy needs of 85,000 homes, but also to displaced 262,000 tonnes of carbon dioxide every year.

Revealing that the funds raised by Gaelectric in the latest funding round will particularly finance the company's construction of a 13.8-megawatt wind energy project at Carn Hill in Co Antrim, Barry Gavin - finance director of Gaelectric - said that increased generation capacity will transform the company from being a pre-revenue, renewable energy development group to an energy development and operating group having noteworthy assets in Ireland.

Gavin further added: "In our discussions with funders and investors, we have been able to provide clear visibility of a portfolio of projects which have been substantially de-risked and which will be commissioned by
2017."