Consortium of lenders backs Power Capital's 1.2 GW portfolio in Ireland
Post date: 25/01/2023 - 23:39
Power Capital Renewable Energy, a solar-focused Irish independent power producer (IPP), has received financing commitments totaling €240 million ($259.6 million) from a consortium of lenders. The company will use around €40 million for its international expansion and €200 million to build solar power plants with a total capacity of 1.2 gigawatts in Ireland by 2025. This would be almost a quarter of the Irish government's overall target of five gigawatts of photovoltaics by 2025.
An initial tranche of €100 million which will be used to implement projects that include power purchase agreements with Microsoft and another »undisclosed technology company.« Further projects have been secured through awards in the Irish »RESS2« auction for renewable energy plants. Another €100 million »may be made available« for further projects.
The financing consortium, led by Eiffel Investment Group, includes the European Investment Bank (EIB) and Belgian insurance company Ethias. Power Capital, which was acquired by French investment firm Omnes Capital in 2020, aims to build an international portfolio of five gigawatts by 2030. The company has so far been active in Germany and the USA in addition to Ireland.