- PCRE to offer 240 million in equity for solar project development.
- Projects that received tariffs in Ireland’s second (RESS) auction will get a portion of the earnings.
A contract has been reached by Power Capital Renewable Energy (PCRE) that will offer up to €240 million in equity to finance the development of a portfolio of 1.2 GW solar projects, with commissioning targeted for 2025.
A group of lenders, including the European Investment Bank and the Belgian insurance business Ethias, will offer the equity facility under the management of the Eiffel Investment Group (EIB). According to the EIB, the first payment will be €100 million.
PCRE will use a portion of the initial disbursement to build photovoltaic (PV) parks already covered by power purchase agreements (PPAs) with Microsoft Corp. and other unnamed technology firms. Projects that received tariffs in Ireland’s second Renewable Electricity Support Scheme (RESS) auction will get a portion of the earnings.
A second tranche of €100 million will be given to the Irish independent solar power producer for future assets, and another €40 million will be made available for its international expansion.
Omnes Capital, a French infrastructure investment manager, owns the majority of Dublin-based PCRE. By 2030, the corporation wants to have a 5 GW global pipeline.