Power Capital Renewable Energy, an Irish independent power producer, has secured €240 million in financing to bring 1.2 GW of solar capacity online by 2025. The construction equity facility was given by a consortium of lenders managed by Eiffel Investment Group, which included Belgian insurance company Ethias and the European Investment Bank.
Power Capital will initially be given a tranche of €100 million to invest in the construction of assets with power purchase agreements with Microsoft and another undisclosed company as well as other assets with tariffs from the Irish RESS2 auction. The corporation will receive an additional €100 million via a separate tranche, with the remaining €40 million perhaps supporting its global expansion.
Power Capital was advised by Arthur Cox and Philip Lee on the loan, while Eiffel Investment Group was advised by Eversheds Sutherland. Power Capital was established in 2011 and has more than 1.2 GW of capacity in its domestic solar portfolio at the present. The company won more than 300 MW of capacity in Ireland’s RESS 2 auction and plans to begin developing this later in 2023.