Omnes-backed PCRE nabs financing for 1.2-GW Irish solar rollout

• Power Capital Renewable Energy (PCRE) has actually clinched a deal that will provide it with as much as EUR 240 million (USD 259.9 m) in equity to bankroll the construction of a 1.2-GW solar project portfolio with targeted commissioning by 2025.

The equity facility will be supplied by a consortium of loan providers managed by Eiffel Investment Group as well as consisting of Belgian insurer Ethias and also the European Investment Bank (EIB). The preliminary tranche will be for EUR 100 million, the EIB stated on Monday.

PCRE will assign part of the preliminary disbursement to install photovoltaic or pv (PV) parks that have in place a power acquisition agreement (PPA) with Microsoft Corp (NASDAQ: MSFT) and also one more concealed technology firm. Several of the proceeds will go for projects that have protected tariffs in Ireland's 2nd Renewable Electricity Support Scheme (RESS) auction.

The Irish independent solar energy manufacturer will certainly get a second EUR-100-million tranche for extra assets in its pipe, while another EUR 40 million will be offered for its global growth.

Dublin-based PCRE is majority had by French infrastructure fund manager Omnes Capital. The firm has set a goal of constructing an international pipeline of 5 GW by 2030.