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Power Capital Renewable Energy secures funding for solar assets

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Irish unbiased energy producer Energy Capital Renewable Vitality has secured €240m ($259.6m) in financing to carry 1.2GW of photo voltaic capability into operation by 2025.

The development fairness facility was offered by a consortium of lenders managed by Eiffel Funding Group, together with the Belgian insurance coverage firm Ethias and the European Funding Financial institution (EIB).

EIB vice-president Christian Kettel Thomsen stated: “The European Funding Financial institution is delighted to assist one of many largest photo voltaic power investments in Eire.

“This new initiative will strengthen home renewable energy technology and lower carbon emissions, and present how European companions can assist the power transition.”

Energy Capital will initially obtain a €100m tranche to construct belongings which have energy buy agreements (PPAs) in place with Microsoft and one other undisclosed firm, in addition to different tariff-rated belongings within the Irish RESS2 public sale.

The corporate might be given a further €100m via a further tranche to construct extra belongings in its pipeline, whereas the remaining €40m might be used to assist its worldwide enlargement.

Energy Capital Renewable Vitality co-CEOs and founders Justin Brown and Peter Duff stated: “It’s unbelievable to have the ability to appeal to such a big membership of buyers to the Irish photo voltaic sector.

“We’ve began development and count on to finish 230MW later this 12 months in counties Cork, Wexford, Louth and Meath.

“Having the assist from Eiffel Funding Group, EIB and Ethias will enable us to quickly broaden our development within the coming years.”

Arthur Cox and Philip Lee acted as authorized advisors to Energy Capital for the mortgage, whereas Eiffel Funding Group was suggested by Eversheds Sutherland.

Based in 2011, Energy Capital at the moment has greater than 1.2GW capability in its home photo voltaic portfolio.

The corporate gained greater than 300MW of capability within the RESS 2 public sale in Eire and plans to begin growing it later this 12 months.

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