Gaelectric, one of the largest wind and renewable energy companies in Ireland, is winding down. Staff numbers have been slashed from 100 to 20. In 2016, the company sold part of its wind farms to a Chinese Nuclear firm. The proceeds were used to pay off their debt of €350 million. A second sale to the same Chinese company fell through last year which has triggered the wind down. Shareholders are only expected to be repaid a portion of the funds they put in. The Chinese firm expected Ireland to commit to a new renewable fixed tariff scheme, which has still not materialized.
The accounts show a profit in 2017, but when gain on disposal of € 105m is discounted, there was a trading loss of € 44m. Cost of sales and admin expenses totaled € 50m exceeding sales of € 38m. Loan interest trebled to € 31m since 2016.