Power Capital Renewable Energy to build 230MW of solar assets in Ireland

€125m in funding is backed by AIB and LBP

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All projects are already under construction and are expected to be commissioned over the next 9 months

Power Capital Renewable Energy, a solar Independent Power Producer (IPP), has announced the closure of two greenfield project finance transactions with a club of lenders composed of Allied Irish Bank (AIB) and La Banque Postale (LBP), for an aggregate commitment of €125,000,000 in bank facilities.  

Proceeds from the first of the agreed financing packages will be used to fund a portfolio of solar projects across counties Cork, Louth, and Meath with an aggregate capacity of 150 MW and supported by long-term Power Purchase Agreements (PPAs) with Microsoft.

The facilities from the second financing will go towards the construction of a single solar farm of 85 MW located in county Wexford, which benefits from a long-term PPA with another undisclosed technology company. All projects are already under construction and are expected to be commissioned over the next nine months. 

Power Capital was successfully awarded a 15-year subsidy support for 300 MW of solar projects in the 2022 Renewable Energy Support Scheme (RESS-2) auction. Power Capital is currently working on deploying a solar and battery storage pipeline of 5 GW in Ireland.  

In January 2023, Power Capital secured €240,000,000 of construction equity facilities from a consortium of lenders managed by Eiffel Investment Group including Belgian insurance company Ethias and the European Investment Bank, which demonstrated the confidence that leading private and public lenders have in Power Capital’s strategy and capabilities. The facilities will support the IPP’s growth, at home and abroad.  

Power Capital has also made advances in the US, recently acquiring a development platform Hawthorne Renewables. This marks a significant milestone for the IPP as its first investment outside of the Irish market. The Phoenix-based team boasts a pipeline of 5GW of solar and storage across three US markets in New Mexico, Oregon and Washington.  

Justin Brown and Peter Duff, co-CEOs and founders of Power Capital Renewable Energy, said: “Securing €125 million of funding from two major banks is a huge vote of confidence in the future of solar power and corporate power purchase agreements. We are delighted to begin construction on these projects which will employ up to 400 people and will boost the renewable energy footprint of Ireland.”

Luis Duran from AIB’s energy climate action and infrastructure team said: “Sustainability is a key strategic priority for AIB as we seek to help protect our fragile planet from the devastating impact of climate change by reducing our own carbon footprint and helping our customers to do the same. Having recently entered a corporate PPA in respect of 80% of its own energy requirements, AIB seeks to ensure a greener tomorrow by backing those building it today and believes Irish corporates have a fundamental role to play in leading this transition.’’ 

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