Athboy project included in solar farm finance package

Power Capital Renewable Energy, in partnership with AIB, Bank of Ireland and Societe Generale, has successfully completed a project finance round to develop approximately 300MW of solar farms across Ireland, including one near Athboy.

This agreement secures facilities of nearly €220M to support the development of seven projects ranging in size from 6.5MW to 153MW. The combined production of this portfolio will generate enough electricity to power over 70,000 homes per year.

All projects were awarded a tariff under the Department of Environment, Climate & Communication’s second Renewable Energy Support Scheme (RESS 2) in 2022.

Projects have commenced construction and are set to be completed and operational in 2026, contributing significantly to the government’s goal of generating 80 per cent of Ireland’s energy from renewable sources by 2030.

As part of the RESS 2 scheme, local communities will benefit from a contribution of €2 per MWh throughout the duration of the program.

Power Capital already has 230MW of fully operational projects since 2024 and continues to expand its portfolio, with an additional 400MW secured under the RESS 3 and RESS 4 schemes. Martinstown, Athboy, is an 8MW project.

Power Capital CEO Justin Brown says: “We have dedicated nearly 12 months to this transaction, encompassing seven solar projects across multiple counties and collaborating with various construction and finance teams to achieve a successful outcome. This is an outstanding achievement for Power Capital, our team and everyone involved. We are very excited to build on this success and advance our RESS 3 and 4 portfolio later this year.”

Jim Arigho, director, climate capital at AIB says: “The rollout of utility scale solar energy generation is a vital component in Ireland meeting its climate action targets and complements wind energy generation.

“This financing is a milestone on that journey and AIB is delighted to work with the Power Capital team again in helping Ireland make the transition to a more sustainable future.”

Michael Lauhoff, Bank of Ireland head of specialist banking, corporate and commercial, commented: “Bank of Ireland is delighted to support Power Capital in reaching this important milestone. The debt package will finance the delivery of a scaled and diversified portfolio of solar assets which will directly contribute to decarbonising Irish energy. As a long-term financier of Irish renewables, the provision of capital to the sustainable energy market is a key strategic ambition for Bank of Ireland and we are proud to be part of these exciting projects.”