Highfield Solar secures funding for 282MWp of growths in Ireland
- Highfield Solar has actually secured one of the first large-scale solar building financing sell Ireland for the development of two sites completing 282MWp.
The firm, which was created as part of a joint venture between German company ib vogt, Irish firm Highfield Energy and UK business Aura Power in 2014, has reached economic close on a EUR160 million (₤ 138 million) project funding financial obligation facility.
Coöperatieve Rabobank U.A., Landesbank Baden-Württemberg (LBBW) and Norddeutsche Landesbank (NORD/LB) have actually given the financing for the projects, via a blend of KFW as well as industrial financings divided eveningly between the three.
The first project is the 141MWp Rosspile solar PV plant, which will be located near the village of Foulksmills in the County Wexford and also rest throughout a ca. 141-hectare site. According to Highfield Solar, this is the highest possible return area in the country.
Additionally with a capability of 141MWp, the Gillinstown solar PV plant will certainly sit on 123-hectares near the village of Duleek in County Meath.
Both will make use of bifacial modules on fixed-tilt support structures, as well as service grid link infrastructure has already begun. Building and construction of Rosspile is anticipated to be completed in July 2022, as well as in October 2022 for Gillinstown.
Along with providing advancement financing as well as technical design support to Highfield Solar, ib vogt will supply EPC and initial O&M services to both sites.
Rosspile and Gillinstown were both effective in the Irish federal government's initial Renewable Electricity Support Scheme (RESS 1) auction in 2020. As part of this scheme, each solar project will certainly provide about EUR200,000 annually throughout of the term of RESS support of 15 years in neighborhood benefit funding.
Peter Kavanagh, handling director at Highfield Power stated the company was delighted to have "reached this significant turning point" and also is looking forward to finishing the projects.
" The 3 partners have appreciated an extremely favorable connection and combined their resources, capacities, experience and understanding to produce these fabulous projects. As a business based in Ireland, we are extremely pleased with our role in attracting such substantial investment into the nation for a renewable electricity generation project."