Power Capital Renewable Energy says it has lined up a finance facility of up to €240m to develop solar projects in Ireland.
PCRE said the consortium of lenders is managed by Eiffel Investment Group, and includes Belgian insurance company Ethias and the European Investment Bank.
The facility has an initial tranche of €100m. PCRE said part of this initial tranche will be used to build assets benefitting from signed Power Purchase Agreements with Microsoft and another undisclosed technology company, with the remainder for assets having been awarded tariffs in the Irish RESS2 auction.
The company stated that a further €100m may be made available through an additional tranche to build more assets in Power Capital’s pipeline, while up to €40m may be made available for international expansion.
Power Capital was acquired by Omnes Capital in 2020, who have since repositioned the Irish solar developer to become an Independent Power Producer (IPP), and according to Omnes the company is looking now to expand internationally.
In Association with
Omnes Capital is a private equity and infrastructure investor that has c.€5 billion in assets under management.
In a statement, Power Capital founders Justin Brown and Peter Duff commented: “It is fantastic to attract a club of such significant investors into the Irish solar sector. We have commenced construction and expect 230MW to be completed by late 2023 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.”
Pierre-Antoine Machelon, head of infrastructure at Eiffel Investment Group, stated: “We are convinced by the operational excellence of Power Capital’s team and its promising and diversified portfolio of projects.”
EIB executive Christian Kettel Thomsen added: “The European Investment Bank is pleased to back one of the largest ever investments in solar energy in Ireland. This new initiative will strengthen domestic renewable power generation and cut carbon emissions and shows how European partners are supporting the energy transition.”
Afiereos Capital acted as bookrunner and debt adviser to Power Capital and also acted as an financial advisor to Power Capital on the PPA with Microsoft.
Power Capital was advised by Arthur Cox and Philip Lee (legal) while Eiffel Investment Group were advised by Eversheds Sutherland.
