New York News
Power Capital Renewable Energy (PCRE) has secured €240 million ($259.5 million) to build 1.2 GW of solar projects across Ireland. Commercial operations are expected to start in 2025.
Image: Capital Stage
PCRE is set to build 1.2 GW of solar plants across Ireland. The Dublin-based independent power producer (IPP) announced the closing of a €240 million construction equity facility with a consortium of lenders managed by Eiffel Investment Group, along with Belgian insurer Ethias and the European Investment Bank.
The solar projects are expected to begin commercial operations in 2025. The first phase of investment will total €100 million. It will be used to build solar assets benefiting from power purchase agreements (PPAs) signed with Microsoft and another undisclosed technology company. The remaining solar projects were awarded tariffs in the Irish RESS2 auction, according to a PCRE statement.
“This new European support for 1.2 GW of solar power investment across Ireland is a vote of confidence for Irish renewables,” said the Irish Minister for the Environment, Climat