Highfield Solar, a joint venture established between Ib Vogt, Highfield Energy and Aura Power, has reached financial close on a €65m project financing debt facility for the 93MWp Gaskinstown PV plant in Ireland.
Coöperatieve Rabobank UA is again the lender following the financing of the Rathnaskilloge 106MWp site in December 2023, a scheme also originally developed by Highfield Solar.
The Gaskinstown project was successful in the Irish government’s second competitive Renewable Electricity Support Scheme (RESS 2) auction in 2022.
Participation in the RESS scheme will guarantee local communities, clubs and societies will benefit from funding of approximately €150,000 each year for the duration of the term of RESS support of 15 years said the developer.
Matheson LLP supported Coöperatieve Rabobank U.A. through the transaction, and technical advice was provided by Krug & Schram.
Highfield were supported by Mason Hayes and Curran LLP and Augustus Cullen Law.
“This Gaskinstown project as well as the recently closed Rathnaskilloge project are the continuation of a tremendously successful joint venture, building some of the largest solar plants in Ireland,” said Ib Vogt chief executive Anton Milner.
“I would also like to thank our financing partners, who are making significant investments to enable clean, renewable energy in the country. Through the ecological and economic benefits as well as the benefits through the RESS scheme, these projects will make a long-lasting positive impact for the communities and people in the region.”
With a total capacity of 93 MWp, the Gaskinstown solar array will be located on an arou nd 81-hectare site near the village of Duleek, County Meath.
It will utilize high-capacity bifacial modules on fixed-tilt support structures for optimized land use and efficiency said the developer. Work on the grid connection infrastructure has already commenced and construction is expected to be completed in September 2024.
“We are delighted Highfield Solar has reached this significant milestone and we are now looking forward to the continued roll-out of our portfolio,” said Highfield Energy managing director Peter Kavanagh.
“This is the result of years of planning and investment in these projects. We have enjoyed a very positive relationship with our partners in Highfield Solar, Ib Vogt and Aura Power and their experience and knowledge allied with our own has been invaluable.
“As a company founded in Ireland, we are hugely proud of our role in continuing to attract such significant investment into the country for renewable electricity generation projects.
“It is also very important to us that the establishment of the associated community benefit funds will make significant contributions to the locality over the next decade and beyond.”
Aura Power director Simon Coulson added: “It is exciting to reach this significant milestone which will bring the project to fruition. Gaskinstown solar was awarded one of the highest solar PV capacities in the RESS 2 auction and together with our partners, we look forward to bringing more solar PV projects through to the Irish market.”