Published: 28 Jul 2023, 11:09
The funding will go towards projects currently under construction. Image: Power Capital Renewable Energy.
Irish solar independent power producer (IPP) Power Capital Renewable Energy (PCRE) has received €125 million (£107 million) in funding to construct 230MW of solar assets.
The funding has been provided by Allied Irish Bank (AIB) and Lan Banque Postale (LBP). A portion of this will be put towards a portfolio of solar projects across counties Cork, Louth and Meath, with an approximate capacity of 150MW.
PCRE disclosed that this portfolio has been bolstered via the signing of long-term power purchase agreements (PPAs) with tech giant Microsoft.
The rest of the funding will be allocated to an 85MW solar farm in county Wexford. This will supply an undisclosed tech company with energy via a long-term PPA.
According to the solar IPP, all projects are under construction and are expected to be commissioned over the next nine months.
“Securing €125 million of funding from two major banks is a huge vote of confidence in the future of solar power and corporate power purchase agreements. We are delighted to begin construction on these projects which will employ up to 400 people and will boost the renewable energy footprint of Ireland,” said Justin Brown and Peter Duff, co-CEOs and founders of Power Capital Renewable Energy.
This new funding adds to the €240 million construction equity facilities PCRE secured at the start of 2023 from a consortium of lenders managed by Eiffel Investment Group. These funds would be used to support the firm’s growth both in Ireland and abroad.
Luis Duran, director of AIB’s Energy Climate Action and Infrastructure Team, said: “Sustainability is a key strategic priority for AIB as we seek to help protect our fragile planet from the devastating impact of climate change by reducing our own carbon footprint and helping our customers to do the same.
“Having recently entered a Corporate PPA in respect of 80% of its own energy requirements, AIB seeks to ensure a greener tomorrow by backing those building it today and believes Irish Corporates have a fundamental role to play in leading this transition. We are delighted to back Power Capital Renewable Energy’s ambitious plans to construct a portfolio of solar projects in counties Cork, Louth, Meath and Wexford supported by long-term Corporate PPAs.’’