Omnes-backed PCRE nabs funding for 1.2-GW Irish solar rollout

Power Capital Renewable Energy (PCRE) has clinched a deal that will provide it with up to EUR 240 million (USD 259.9m) in equity to bankroll the construction of a 1.2-GW solar project portfolio with targeted commissioning by 2025.

The equity facility will be provided by a consortium of lenders managed by Eiffel Investment Group and including Belgian insurance company Ethias and the European Investment Bank (EIB). The initial tranche will be for EUR 100 million, the EIB said on Monday.

PCRE will allocate part of the initial disbursement to install photovoltaic (PV) parks that have in place a power purchase agreement (PPA) with Microsoft Corp (NASDAQ:MSFT) and another undisclosed technology company. Some of the proceeds will go for projects that have secured tariffs in Ireland’s second Renewable Electricity Support Scheme (RESS) auction.

The Irish independent solar power producer will receive a second EUR-100-million tranche for additional assets in its pipeline, while another EUR 40 million will be made available for its international growth.

Dublin-based PCRE is majority owned by French infrastructure fund manager Omnes Capital. The company has set a goal of building an international pipeline of 5 GW by 2030.

(EUR 1.0 = USD 1.083)

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