Ireland's IPP Power Capital RE Secures EUR240 Million for 1.2 GW of Solar Assets

Jan 17, 2023 12:26 PM ET
  • The financial facility has been gathered a consortium of lenders managed by Eiffel Investment Group consisting of Ethias and also the European Investment Bank.
  • It will certainly support the strategies of Power Capital to bring 1.2 GW of solar projects to operation by 2025.

Ireland's leading solar Independent Power Producer, Power Capital Renewable Energy, has introduced the closing of an approximately EUR 240 million building equity facility for the advancement of solar power projects.

Power Capital held that the financial facility has actually been closed with a consortium of lenders taken care of by Eiffel Investment Group consisting of Belgian insurance company Ethias and the European Investment Bank.

The facility will certainly support the plans of Power Capital to bring 1.2 GW of solar projects to operation by 2025. The facility has a preliminary tranche of EUR 100 million. Power Capital stated that part of this initial tranche will certainly be used to develop assets taking advantage of signed Power Purchase Agreements (PPAs) with Microsoft and also another unrevealed innovation business, with the rest for assets having actually been granted tariffs in the Irish RESS2 auction.

A more EUR100 million might be provided through an additional tranche to construct more assets in the company's pipeline, while up to EUR 40 million may be provided for international expansion.

Eamon Ryan, Irish Minister for the Environment, Climate and also Communications, mentioned, "This new European assistance for 1.2 GW of solar power investment throughout Ireland is a vote of confidence for Irish renewables. It will allow solar power to change fossil fuel use to power Ireland on sunny days as well as add to our target of as much as 5GW of solar power by 2025."

Christian Kettel Thomsen, VP, European Investment Bank, said, "This new initiative will certainly strengthen domestic renewable power generation and also cut carbon emissions, and shows how European partners are supporting the power transition."

Justin Brown and also Peter Duff, Co-CEOs as well as Creators, Power Capital Renewable Energy, included, "We have actually currently commenced building and construction as well as anticipate 230MW to be finished by late this year throughout areas Cork, Wexford, Louth and Meath. Having the support from Eiffel Investment Group, EIB and also Ethias will certainly permit us to quickly increase our construction turn out over the following years."

Power Capital Renewable Energy

Dublin headquartered Power capital was acquired by Ones Capital in 2020 and is now looking to go international. The firm has actually been developing a solar portfolio of over 1200MW in Ireland. It digs in design, financing, legal, environmental planning, and also construction. It's developing solar projects in Ireland and also is also establishing grid scale battery storage sites.

Power Capital is presently constructing 230MW of solar farms throughout Wexford, Cork, Meath and also Louth under CPP agreements. Power Capital was likewise effective with over 300MW in RESS 2 which will certainly also commence building in second fifty percent of 2023.

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