Gaelectric, a renewable energy and energy storage group, has raised $18m to book 960MW of transmission capacity for its wind energy developments in Montana, US.
The funds raised have been placed on deposit with transmission system operators, Bonneville Power Administration and NorthWestern Energy, to book transmission capacity on their networks with power expected to flow in the period 2014-2016.
Gaelectric North America president Eamonn McGrath said that the funding will enable the company to advance the development of key sites in Montana with power delivered via the Bonneville Power Administration network and NorthWestern Energy networks.
The funds have been raised from European private equity sources in the form of a hybrid debt/equity instrument.