The sun shines on an ambitious plan to generate and deliver solar energy across Ireland.
Power Capital Renewable Energy has secured €240m worth of financing to construct over 1.2 GW of solar assets in Ireland and expand internationally.
The business closed the €240m construction equity facility with a consortium of lenders managed by Eiffel Investment Group, including Belgian insurance company Ethias and the European Investment Bank.
“We have already commenced construction and expect 230 megawatts to be completed by late this year across counties Cork, Wexford, Louth and Meath”
The facility will support the independent power producer’s (IPP) plans to bring 1.2GW of solar projects to operation by 2025. The facility has an initial tranche of €100,000,000. Part of this initial tranche will be used to build assets benefitting from signed Power Purchase Agreements (PPAs) with Microsoft and another undisclosed technology company, with the remainder for assets having been awarded tariffs in the Irish RESS2 auction.
Irish based Justin Brown and Peter Duff, both Co-CEOs and Co-Founders of Power Capital Renewable Energy, stated: “It is fantastic to attract a club of such significant investors into the Irish solar sector. We have already commenced construction and expect 230 megawatts to be completed by late this year across counties Cork, Wexford, Louth and Meath. Having the support from Eiffel Investment Group, EIB and Ethias will allow us to rapidly expand our construction roll out over the next years.”
Power Capital Renewable Energy has been developing a solar portfolio of over 1,200 megawatts in Ireland and has also been growing its international presence. In 2020 Omnes Capital made a strategic investment in the company and since then the company has been transitioning to becoming an IPP.
The Dublin based office has a growing team spread across engineering, finance, legal, environmental planning, and construction. The company is continuing to develop solar projects in Ireland and is also developing grid scale battery storage sites.
Power Capital is currently constructing 230MW of solar farms across Wexford, Cork, Meath and Louth under Corporate Power Purchase Agreements. Power Capital was also successful with over 300MW in RESS 2 which will also commence construction in H2 2023.
Christian Kettel Thomsen, Vice President of the European Investment Bank, said: “The European Investment Bank is pleased to back one of the largest ever investments in solar energy in Ireland. This new initiative will strengthen domestic renewable power generation and cut carbon emissions and shows how European partners are supporting the energy transition.