Energy producer Power Capital secures €125m to fund Irish solar projects

The funding will be used to finance projects across Cork, Louth, Meath and Wexford

Last year, Power Capital was awarded a 15-year subsidy support for 300 MW of solar projects in the 2022 Renewable Energy Support Scheme (RESS-2) auction

Power Capital Renewable Energy, Ireland's largest solar power producer, has announced the closing of two greenfield project finance transactions with a club of lenders composed of AIB and La Banque Postale (LBP), for an aggregate commitment of €125m in bank facilities.

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