PCRE secures €240m for solar infrastructure projects
Independent power producer Power Capital Renewable Energy (PCRE) has secured €240,000,000 in funding from a consortium of lenders managed by Eiffel Investment Group, including Belgian insurance company Ethias and the European Investment Bank.
The facility, which has an has an initial tranche of €100,000,000, will support the IPP’s plans to bring 1.2GW of solar projects to operation by 2025.
A further €100,000,000 may be made available through an additional tranche to build more assets in Power Capital’s pipeline, while up to €40,000,000 may be made available for international expansion.
Minister for the Environment, Climate & Communications Eamon Ryan said: ”This new European support for 1.2GW of solar power investment across Ireland is a vote of confidence for Irish renewables. It will enable solar electricity to replace fossil fuel usage to power Ireland on sunny days and contribute to our target of up to 5GW of solar energy by 2025.”
PCRE was acquired by Omnes Capital in 2020, who has since repositioned the solar developer to become an independent power producer with plans to expand internationally.
PCRE was co-founded by Irish-based Justin Brown and Peter Duff, who also serve as co-CEOs. The company has commenced construction and expects to complete facilities counties Cork, Wexford, Louth and Meath later this year.
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