€140m to be invested in Irish Solar Farms

Irish owned “Power Capital Renewable Energy” (PCRE) concludes major acquisition of Irish solar farms making PCRE Ireland’s largest independent solar power provider.

€140m will be invested into the construction of these projects over the next three years, with solar farms planned in counties Galway, Waterford, Clare and Kildare.

Power Capital Renewable Energy (PCRE) backed by French investor Omnes Capital, has concluded another major acquisition this year of six ready-to-build solar farms with a combined capacity in excess of 240 MW from RES.

€140m to be invested in Irish Solar Farms

This brings PCRE’s total portfolio of solar farms to over 1.1GW making it the largest solar independent power producer in Ireland.

RES, the world’s largest independent renewable energy company, has been developing the portfolio of solar farms in Ireland over the last number of years and has obtained planning permissions from local councils and grid connections from ESBN and Eirgrid.

The multi-million euro deal underlines PCRE’s objective in becoming Ireland’s largest solar power provider, PCRE plans to invest a further C.€140 million in constructing the projects over the next three years.

Lucy Whitford, UK&I MD for RES says: “We are delighted to have concluded this deal with the PCRE team. Solar energy will play a critical role in Ireland’s energy future, and we look forward to supporting the team to bring the projects into operation.”

Justin Brown Co-Founder of PCRE added: “This is a major statement of our ambitions in Ireland. We know RES have a great track record in developing renewable energy projects in Ireland and we hope to do further deals with the RES team in the future.

“It’s a disappointment to think that Ireland still produces so much of its energy in the sunny months from coal and gas, when the alternative is right here, right now. We need policy makers to remove the barricades for renewable energy in Ireland if Ireland is to get even close to meeting our CO2 reduction targets by 2030”.

Peter Duff, Director of PCRE commented: “We have been working with a great team in RES and they are exactly the sort of company we see being able to do business with again in the future.

“It has been an exciting year for PCRE, not only growing the pipeline but also the creation of jobs. We have doubled the size of our team and continue to look for new talent committed to the challenge in the decarbonization of Ireland’s energy”.

Construction on these projects is set to begin in 2022.

See more solar stories here.