Power Capital Renewable Energy, in partnership with AIB, Bank of Ireland and Societe Generale, has successfully completed a project finance round to develop approximately 300MW of solar farms across Ireland.
This agreement secures facilities of nearly €220m to support the development of seven projects ranging in size from 6.5MW to 153MW.
The combined production of this portfolio will generate enough electricity to power over 70,000 homes per year.
All projects were awarded a tariff under the Department of Environment, Climate & Communication’s second Renewable Energy Support Scheme (RESS 2) in 2022.
Projects have commenced construction and are set to be completed and operational in 2026, contributing significantly to the government’s goal of generating 80% of Ireland’s energy from renewable sources by 2030.
As part of the RESS 2 scheme, local communities will benefit from a contribution of €2 per MWh throughout the duration of the programme.
Power Capital already has 230MW of fully operational projects since 2024 and continues to expand its portfolio, with an additional 400MW secured under the RESS 3 and RESS 4 schemes.
Power Capital chief executive Justin Brown said: “We have dedicated nearly 12 months to this transaction, encompassing seven solar projects across multiple counties and collaborating with various construction and finance teams to achieve a successful outcome.
“This is an outstanding achievement for Power Capital, our team and everyone involved. We are very excited to build on this success and advance our RESS 3 & 4 portfolio later this year.”