Ireland-based renewable energy company Gaelectric has raised funds of $84m from Proventus Capital Partners to facilitate its onshore wind energy projects planned in the country.

The funds will contribute to its total investment plan of $325m needed to develop 13 projects with a consolidated power capacity of 164MW by 2017.

Gaelectric has recently secured debt finance from Nord LB that was used to fund the construction of a 13.8MW wind energy project in Northern Ireland.

In addition, the company has also inked an agreement with German turbine manufacturer Enercon to oversee its services for the funded projects.

Commenting on the developments, Gaelectric US president Eamonn McGrath stated that it is pleased to form alliances with Proventus, Nord LB and Enercon, citing their global positioning.

"In Ireland, we now have 120 MW of wind energy projects with full planning approval and grid connection offers.

"18 MW of this portfolio will be generating renewable power by Q1, 2013," added McGrath.

These projects are expected to cater to the power requirements of 85,000 homes besides reducing 262,000 tons of carbon dioxide per annum.

Meanwhile, Gaelectric is also keen on adding another 510 MW of wind energy projects to its portfolio, which is aimed at power markets in the Pacific North West and California from 2014 to 2017.

McGrath noted: "Our energy storage business is in advanced discussions with a number of infrastructure investors on our flagship 268 MW compressed air energy storage project in Larne. We expect to form a consortium by year end that will construct the project by 2016/2017."