Ireland’s IPP Power Capital RE Secures €240 Million for 1.2 GW of Solar Assets

Ireland’s leading solar Independent Power Producer, Power Capital Renewable Energy, has announced the closing of an up to EUR 240 million construction equity facility for the development of solar power projects.

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

The facility will support the plans of Power Capital to bring 1.2GW of solar projects to operation by 2025. The facility has an initial tranche of EUR 100 million. Power Capital said that 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.

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A further EUR100 million may be made available through an additional tranche to build more assets in the firm’s pipeline, while up to EUR 40 million may be made available for international expansion.

Eamon Ryan, Irish Minister for the Environment, Climate and Communications, stated, “This new European support for 1.2GW of solar power investment across Ireland is a vote of confidence for Irish renewables. It will enable solar electricity to replace fossil fuel usage to power Ireland on sunny days and contribute to our target of up to 5GW of solar energy by 2025.”

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

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Justin Brown and Peter Duff, Co-CEOs and Founders, Power Capital Renewable Energy, added, “We have already commenced construction and expect 230MW 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

Dublin headquartered Power capital was acquired by Ones Capital in 2020 and is now looking to go international. The company has been developing a solar portfolio of over 1200MW in Ireland. It delves in engineering, finance, legal, environmental planning, and construction. It’s developing 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 CPP agreements. Power Capital was also successful with over 300MW in RESS 2 which will also commence construction in second half of 2023.