Solar and heat pump supplier Astatine Ireland has secured €15m funding to finance installation of Solar PV and heat pump solutions to commercial and industrial clients.

The funding has been sourced from the Solas Sustainable Energy Fund ICAV, run by Solas Capital.

Astatine provides a full turnkey solution, from initial design to final operation, including service agreements post operation.

The ‘As A Service’ option operates whereby Astatine pays the upfront capital cost and then agrees upon a unit rate for the solar electricity or heat it provides to their client.

Astatine said that projects are typically delivered in three to nine months.

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CEO and co-founder Tom Marren said: “We work across many sectors including food, dairy, drinks and pharmaceutical to support them in achieving their carbon reduction requirements.”

Solas Capital co-founder Paul Kearney added: “The projects will make an important contribution to Ireland’s climate strategy and the efforts of commercial and industrial companies to reduce their carbon footprint and energy bills at a critically important time for the climate and energy security.”

Solas Capital is a specialist investment advisory firm based out of Zurich and Dublin.

Solas Capital is the investment advisor to the Solas Sustainable Energy Fund ICAV, which is supported by the Ireland Strategic Investment Fund, the European Investment Bank and the LIFE Programme of the European Commission.

Astatine Ltd filed accounts for 2021 show preference share equity investment of €2m. The company booked a net loss of €630,000 in 2021 and year end trade debtors amounted to €45,000.