Power Capital Renewable Energy (PCRE) has acquired a majority interest in 400MW solar portfolio in Ireland, from Terra Solar.
The acquisition brings PCRE’s total portfolio to 840MW.
The development of the portfolio will be carried out in close partnership with Terra Solar and local stakeholders.
Construction of the projects, which are mainly in Wexford and Cork, will begin in 2022 with the first plants expected to become operational by the middle of 2023.
David Fewer, co-Founder of Terra Solar, said: “These sites represent over four years of intensive local engagement with landowners, communities and planners to ensure that Ireland develops high quality solar farms to help meet its 2030 renewable targets.
“From the outset, our priority has been to ensure that these sites are constructed to the highest standards to benefit all stakeholders and we are delighted to have found such a strong, long-term, owner for these sites in PCRE and their French partners Omnes Capital.
“We will be retaining an equity stake in the developments and will be working intensively with all stakeholders over the coming few years to ensure that these sites are successfully constructed while equally continuing to grow our remaining development pipeline of 600MW.”
It is expected that about €200m of capital will be needed to build the entire portfolio, with equity being provided by Omnes Capital, PCRE’s Paris-based backer, and debt to be raised with Irish and international lenders.
PCRE director Peter Duff said: “Both Terra Solar and PCRE share common values and ambitions to help Ireland meet its 2030 targets and we are excited that Terra Solar chose us as a partner to bring these sites through construction.
“Backed by the financial strength and experience of Omnes Capital, we will be investing over €200m in the coming two to three years in building out these assets.”
Ireland-based solar developer PCRE is in the process of transforming the business from purely development into a fully integrated independent power producer.
The company will continue to acquire further assets in the market along with the continued development of its own pipeline over the coming years.