Seven initiatives on monitor to be full and operational by 2026
Commerce
Energy Capital Renewable Power, Tullabeg Photo voltaic Farm, Co Wexford
Energy Capital Renewable Power, in partnership with AIB, Financial institution of Eire and Societe Generale, has accomplished a challenge finance spherical to develop roughly 300MW of photo voltaic farms throughout Eire.
The settlement secures services of practically €220 million to assist the event of seven initiatives ranging in measurement from 6.5MW to 153MW.
The mixed manufacturing of the portfolio will generate sufficient electrical energy to energy over 70,000 properties per yr.
All seven initiatives had been awarded a tariff below the Dept of Atmosphere, Local weather & Communication’s second Renewable Power Help Scheme (RESS 2) in 2022 and are set to be accomplished and operational in 2026.
As a part of the RESS 2 scheme, native communities will profit from a contribution of €2 per MWh all through the period of the programme.
Energy Capital already has 230MW of totally operational initiatives since 2024 and continues to broaden its portfolio, with an extra 400MW secured below the RESS 3 and RESS 4 schemes.
Energy Capital CEO Justin Brown stated: “Now we have devoted practically 12 months to this transaction, encompassing seven photo voltaic initiatives throughout a number of counties and collaborating with varied building and finance groups to realize a profitable end result. That is an excellent achievement for Energy Capital, our staff and everybody concerned. We’re very excited to construct on this success and advance our RESS 3 & 4 portfolio later this yr.”
AIB director, local weather capital, Jim Arigho stated: “The rollout of utility scale photo voltaic power technology is a crucial element in Eire assembly its Local weather Motion targets and enhances wind power technology. This financing is a milestone on that journey and AIB is delighted to work with the Energy Capital staff once more in serving to Eire make the transition to a extra sustainable future.”
Michael Lauhoff, head of specialist banking, company & industrial, Financial institution of Eire, stated: “[This] debt package deal will finance the supply of a scaled and diversified portfolio of photo voltaic property which can straight contribute to decarbonising Irish power. As a long-term financier of Irish renewables, the supply of capital to the sustainable power market is a key strategic ambition for Financial institution of Eire and we’re proud to be a part of these thrilling initiatives.”
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