Highfield Solar has secured project financing to fund the construction and operation of two solar projects with a total capacity of 132MW.
Highfield Solar, a joint venture between Ib Vogt, Highfield Energy and Aura Power, together with Cooperatieve Rabobank, have reached financial close for the 70MW Clonin North and 62MW North Arklow solar plants.
Clonin North will be located on a 70-hectare site near the village of Rhode, County Offaly and the North Arklow site will be located near the town of Arklow in County Wicklow.
The projects will use high-capacity bifacial modules on fixed-tilt support structures for optimized land use and efficiency. Work on the grid connection infrastructure and Solar PV construction is expected to commence in October 2024.
Highfield Solar and Cooperatieve Rabobank have successfully continued their collaboration with this financing, having previously financed a portfolio of 473MW across four solar projects, which are Rathnaskilloge (106MW) and Gaskinstown (93MW) in December 2023, and Rosspile (138MW) and Gillinstown (136MW) in July 2021.
Both the Clonin North and North Arklow projects were successful in the Government of Ireland’s second competitive Renewable Electricity Support Scheme (RESS 2) auction run by the Department of the Environment, Climate and Communications in 2022.
The RESS auctions are designed to promote investment in renewable energy, supporting Ireland’s goal of achieving 80% renewable electricity by 2030.
Highfield Solar is proud to be contributing to this critical target on Ireland’s path to decarbonisation.
As part of the RESS scheme, local communities, clubs and societies will benefit from approximately €100,000 in annual funding for the next 15 years.
Peter Kavanagh, Managing Director of Highfield Energy, said: “We are delighted Highfield Solar has reached this significant milestone and we are now looking forward to the continued roll-out of our portfolio.
“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.”
Matheson LLP supported Cooperatieve Rabobank through the transaction, and technical advice was provided by Krug & Schram.
Further advice was also provided by Howden Group.
Highfield was again supported by Mason Hayes and Curran LLP, Augustus Cullen Law and Crotty Group.