Power Capital Renewable Energy plans to complete development of the solar farms located in Co Cork and Co Wexford in close partnership with Terra Solar over the next five years with construction starting in 2022.
Dublin based company Power Capital Renewable Energy (“PCRE”) has announced plans to increase its presence in the Irish renewables space by acquiring a majority interest in a large portfolio of solar assets from Terra Solar, one of Ireland’s largest solar development firms.
The acquisition of this 400 MW portfolio by PCRE will boost the growth of solar energy in Ireland and bring the company’s total portfolio to 840 Megawatt. The development of the portfolio will be carried out in close partnership with Terra Solar and local stakeholders. Construction will begin in 2022 with the first plants expected to become operational by the middle of 2023. It is expected that about €200m of capital will be needed to build out the entire portfolio, with equity being provided by Omnes, PCRE’s Paris-based backer, and debt to be raised with Irish and international lenders.
Speaking about the deal, Power Capital Director Peter Duff says: “PCRE’s strategy of building Ireland’s leading Independent Power Producer has come one step closer today. Both Terra Solar and PCRE share common values and ambitions to help Ireland meet its 2030 targets and we are excited that Terra Solar chose us as a partner to bring these sites through construction. Backed by the financial strength and experience of Omnes, we will be investing over €200 million in the coming two to three years in building out these assets.”
David Fewer, Co-Founder of Terra Solar says: “These sites represent over four years of intensive local engagement with landowners, communities and planners to ensure that Ireland develops high quality solar farms to help meet its 2030 renewable targets. From the outset, our priority has been to ensure that these sites are constructed to the highest standards to benefit all stakeholders and we are delighted to have found such a strong, long-term, owner for these sites in PCRE and their French partners Omnes. We will be retaining an equity stake in the developments and will be working intensively with all stakeholders over the coming few years to ensure that these sites are successfully constructed while equally continuing to grow our remaining development pipeline of 600MW.”
Justin Brown Co-Founder of Power Capital says: “We will be delighted to start the construction process on these solar energy sites in Wexford and Cork which will boost Ireland’s plans to meet the 70% renewable energy target by 2030. These sites benefit from some of the best exposure to irradiance and Terra Solar has done an excellent job in developing them to date. We are currently in talks with other industry bodies about increasing our foothold in the sector and we expect to see renewable energy being the dominant generator of electricity across Ireland within the next decade”.
Michael Pollan, partner at Omnes says: “We are very excited to be backing this landmark transaction in the dynamic Irish solar PV market. Terra Solar and PCRE are two of Ireland’s early pioneers and leaders of solar PV. There is no better way in our view to drive the Irish energy transition than by creating close partnerships like this between two historic and home-grown solar developers.”
About Power Capital
Power Capital Renewable Energy has been one of Ireland’s most prominent solar firms for the last ten years, and is in the process of transforming the business from purely development into a fully integrated “Independent Power Producer”. The company will continue to acquire further assets in the market along with the continued development of its own pipeline over the coming years. Backed by Omnes and their experience, the company is well positioned to be the market leader in the near future.
About Omnes
Omnes is a leading private equity and infrastructure investor. With €5 billion in assets under management, it provides companies with the capital they need to fund their growth, in three key areas: venture capital, growth & buyout capital and infrastructure. Omnes is wholly-owned by its employees. It is committed to ESG factors and has founded the Fondation Omnes to fund initiatives in favour of children and young people. It is a signatory to the United Nations Principles for Responsible Investment (PRI).
About Terra Solar
Based in Nova UCD, Terra Solar II Limited was founded in 2016 by David Fewer and Andre Fernon to deliver low cost, renewable power to the Irish market.
Press contacts:
Power Capital: Avila@societypr.ie – Phone: 086-8180190
Omnes: aurelie.blanchard-massoni@www-rec.omnescapital.com – Phone : +33 (0)1 80 48 79 52
Terra Solar: Laurie Mannix, laurie@mkc.ie – Phone: 086 8143710