Bank of Ireland has agreed to support Power Capital Renewable Energy’s plans to construct several solar farms across Ireland.
Bank of Ireland is supporting Power Capital Renewable Energy’s plans to build seven utility-scale solar farms across Ireland.
The solar farms will have a total capacity of 300-megawatts and will be completed in 2026.
“As a long-term financier of Irish renewables, the provision of capital to the sustainable energy market is a key strategic objective and we are proud to be part of these exciting project”
The Bank is one of three financial organisations supporting the project and has provided one-third of the total financing package of more than €200m.
Ireland has a target of having 80% of its electricity needs supplied through renewable energy by 2030.
Solar power assets are complimentary to wind energy and are considered a vital part of the renewable power generation infrastructure landscape.
A brighter tomorrow
“Bank of Ireland is delighted to support Power Capital Renewable Energy with the construction of a portfolio of seven solar farms located across Ireland,” said Michael Lauhoff, Head of Specialist Banking at Bank of Ireland.
“As a long-term financier of Irish renewables, the provision of capital to the sustainable energy market is a key strategic objective and we are proud to be part of these exciting projects”.
As part of the RESS 2 scheme, local communities adjacent to the new solar farms will benefit from a contribution of €2 per megawatt every year throughout the duration of the programme.
Power Capital Renewable Energy is an Independent Power Producer established in Ireland in 2011. It currently has 230MW of fully operational projects and continues to expand its portfolio, with an additional 400MW secured under the RESS 3 and RESS 4 schemes in addition to progressing grid scale battery storage sites.
“The successful raising of senior debt in partnership with Bank of Ireland and our wider lender group will support the continued expansion of the Power Capital portfolio,” explained Justin Brown, CEO of Power Capital Renewable Energy.
“This collaboration represents an outstanding achievement for everyone involved.”
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