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In a €140 million deal, Power Capital Renewable Energy acquires six additional solar farms

This year, Power Capital Renewable Energy (PCRE), which is backed by Omnes Capital, a French investor completed another big acquisition from RES, this time of six ready-to-develop solar farms that has a total capacity of more than 240 MW. PCRE now has over 1.1GW of solar farms in its portfolio, making it Ireland’s largest solar independent electricity producer.

Over the last few years, RES, the world’s largest independent renewable energy firm, has been creating a portfolio of solar farms situated in Ireland, obtaining planning licenses from local authorities as well as grid connections from Eirgrid and ESBN. Solar farms can be found in Clare, Galway, Waterford, and Kildare, among other counties.

PCRE’s goal of becoming Ireland’s largest solar power provider is underscored by the multimillion-euro transaction. The corporation plans to auction off some of these assets at the forthcoming RESS auction and is going to continue to search for corporate off-takers interested in reducing CO2 emissions through “Power Purchase Agreements.” Over the next 3 years, PCRE aims to invest another €140 million in the projects’ construction.

“We are happy to have closed this transaction with the PCRE team,” says Lucy Whitford, who is the UK&I Managing Director for RES. Solar energy will be essential to Ireland’s energy future. We look forward to working with the team to get the projects up and running.”

“This is a huge declaration of our objectives in Ireland,” said Justin Brown, co-founder of PCRE. We are aware that RES has a strong track record in establishing renewable energy projects in Ireland, and we look forward to working with them again in the future. It’s a shame that Ireland still gets so much of its energy from coal and gas during the summer months, when the option is here, right now. If Ireland is to even come close to attaining its CO2 target of reducing by 2030, policymakers must remove the barriers to renewable energy in Ireland.”

“We’ve been working with a terrific team in RES, and they’re exactly the type of firm we envisage doing business with more in the future,” said Peter Duff, Director in charge of PCRE. PCRE has had an exciting year, not only in terms of pipeline growth but also in terms of job creation. “We’ve increased the size of our workforce and are still looking for new talent to help us meet the task of decarbonizing Ireland’s energy.” These projects are scheduled to begin construction in 2022.

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