Power Capital Renewable Energy has closed a financing facility of up to €323m led by Eiffel Investment Group.
The Dublin-headquartered company said the holdco facility will refinance debt from 2023 and 2024 and provide flexible capital to support the buildout of its portfolio.
An initial tranche of €168m has already been drawn, with the facility structured as a bond listed on the Vienna Stock Exchange.
Power Capital operates 230MW of capacity, has 330MW under construction for completion in early 2026, and a development pipeline exceeding 5GW of solar PV and battery storage assets.
The company has secured success in all RESS auctions to date and has power purchase agreements with technology companies including Microsoft and Google.
Justin Brown, chief executive of Power Capital, said: “We are proud to have Eiffel Investment Group lead on this transaction. Their deep expertise in infrastructure, and flexible approach to structuring has enabled us to secure capital aligned with our growth ambitions.”
Eiffel said the investment is consistent with its strategy of providing flexible debt to independent power producers in Europe.
Pierre-Antoine Machelon, head of infrastructure, and Roman Londner, investment director, said: “We are delighted to support Power Capital’s strong management team and its shareholder Omnes Capital in their ambitious growth trajectory and help them accelerate the development and construction of renewable energy parks across Ireland.”
Jean-Baptiste Delattre, director at Omnes, added: “This financing complements the recently announced investment from Infranity and we are very proud to have Eiffel Investment Group, an investor with shared values and strategy, as a continuing partner.”