Irish developer secures financing to build 1.2 GW of solar – pv magazine International

PCRE is ready to construct 1.2 GW of photo voltaic vegetation throughout Eire. The Dublin-based unbiased energy producer (IPP) has introduced the closing of a €240 million development fairness facility with a consortium of lenders led by Eiffel Funding Group, together with Belgian insurer Ethias and the European Funding Financial institution.

The photo voltaic initiatives are anticipated to begin business operation in 2025. The primary spherical of funding will quantity to €100 million. It is going to be used to construct photo voltaic belongings that may profit from energy buy agreements (PPAs) signed with Microsoft and one other undisclosed expertise firm. The remaining photo voltaic initiatives had been awarded tariffs within the Irish RESS2 public sale, in accordance with a PCRE assertion.

“This new European help for 1.2 GW of solar energy funding throughout Eire is a vote of confidence for Irish renewables,” mentioned Irish Minister for Setting, Local weather and Communications Eamon Ryan. “This may allow photo voltaic electrical energy to switch using fossil fuels to energy Eire on sunny days and contribute to our goal of as much as 5 GW of photo voltaic vitality by 2025.”

PCRE will use €100 million to construct the remainder of the photo voltaic undertaking line. It mentioned it might assign one other €40 million to help worldwide growth plans.

“It’s implausible to draw such a big membership of traders to the Irish photo voltaic sector. We have now already began development and anticipate 230 MW to be accomplished later this 12 months in counties Cork, Wexford, Louth and Meath ,” mentioned Justin Brown and Peter Duff, co-CEOs of PCRE. “Having the help from Eiffel Funding Group, EIB and Ethias will enable us to quickly broaden our development within the subsequent few years.”