PCRE Wins 280 MWp Solar Contracts in RESS 4

• Power Capital Renewable Energy clinches a record 280 MWp in Ireland's RESS 4 auction, propelling the nation's solar ambitions and reinforcing its renewable energy leadership!

Dublin-based Power Capital Renewable Energy (PCRE) has secured contracts for difference (CfDs) for two solar projects totaling 280 MWp in Ireland's RESS 4 auction, marking the highest solar allocation in this round. The projects will be located in counties Tipperary and Wexford. This achievement builds on PCRE's previous successes in earlier auctions, reflecting its strong presence in the Irish renewable energy sector.

PCRE has successfully completed four projects with a combined capacity of 230 MWp, supported by corporate power purchase agreements. The company is currently constructing another 330 MWp from prior auctions and plans to commence RESS 3 and RESS 4 projects in 2025, contributing to Ireland's goal of generating 80% of electricity from renewable sources by 2030.

How does PCRE's latest success impact Ireland's renewable energy goals?

- Increased Solar Capacity: With the addition of 280 MWp from the latest contracts, PCRE significantly boosts Ireland's solar capacity, which is vital for meeting the country's ambitious renewable energy targets.

- Diversification of Renewable Sources: This success underscores the diversification of Ireland’s energy portfolio, helping to reduce reliance on fossil fuels and enhancing energy security through a mix of solar, wind, and other renewable technologies.

- Stimulating Economic Growth: The development of these solar projects is expected to create numerous jobs, both directly in construction and indirectly in supply chains, thus contributing positively to local economies in Tipperary and Wexford.

- Contribution to RESS Goals: By securing the highest allocation in the RESS 4 auction, PCRE is playing a pivotal role in helping Ireland meet its Renewable Electricity Support Scheme (RESS) objectives, reinforcing the importance of competitive bidding processes in driving down costs.

- Alignment with Climate Policy: The successful implementation of these solar projects aligns with Ireland’s climate action commitments and EU-wide targets for reducing greenhouse gas emissions, promoting a sustainable energy future.

- Enhancing Grid Stability: The integration of additional renewable sources, such as PCRE’s solar projects, will help improve the stability of Ireland’s electricity grid, accommodating the expected future growth in energy demand.

- Future Project Pipeline: With PCRE’s current construction of another 330 MWp and plans for RESS 3 and RESS 4 projects, Ireland is well on its way to establishing a robust pipeline for renewable energy development, smoothing the transition towards a greener energy landscape.

- Investor Confidence: PCRE's achievements can serve to attract further investments in renewable technologies by demonstrating the viability and profitability of solar energy projects in Ireland.

- Public Awareness and Support: As PCRE continues to succeed, it helps raise public awareness and support for renewable energy initiatives, fostering a social environment more conducive to sustainable energy practices.

- Setting Precedents for Future Auctions: The company’s success may set a benchmark for competitors, helping to drive innovation and efficiency in the renewable sector, ultimately contributing to lower energy costs for consumers.