Investors hit for €60m as spark finally goes out of Gaelectric

Shareholders including beef baron Bert Allen are facing losses of up to €60 million as the Irish renewable energy company Gaelectric winds down, with the loss of almost 75 jobs.

The company, which is up for sale, had been seeking a purchaser through a KPMG-led process. However, it is understood that no party is willing to take it over.

Its assets will now be carved up through the second stage of the process. ...