€240,000,000 financing facility secured by Irish solar developer Power Capital Renewable Energy from an Eiffel Investment Group led set of investors to construct over 1.2 GW of solar assets in Ireland and expand internationally
Power Capital Renewable Energy, Ireland’s leading solar Independent Power
Producer (IPP), today announces the closing of an up to €240,000,000
construction equity facility with a consortium of lenders managed by Eiffel
Investment Group including Belgian insurance company Ethias and the European
Investment Bank.
The facility will support the IPP’s plans to bring 1.2GW of solar projects to
operation by 2025. The facility has an initial tranche of €100,000,000. Part of this
initial tranche will be used to build assets benefitting from signed Power
Purchase Agreements (PPAs) with Microsoft and another undisclosed
technology company, with the remainder for assets having been awarded tariffs
in the Irish RESS2 auction. A further €100,000,000 may be made available
through an additional tranche to build more assets in Power Capital’s pipeline,
while up to €40,000,000 may be made available for international expansion.
Irish Minister for the Environment, Climate and Communications Eamon Ryan
said ”Th is new European support for 1.2GW of solar power investment across
Ireland is a vote of confidence for Irish renewables. It will enable solar electricity
to replace fossil fuel usa ge to power Ireland on sunny days and contribute to our
target of up to 5GW of solar energy by 2025.”
Power Capital was acquired by Omnes Capital in 2020, who have since
repositioned the Irish solar developer to become an IPP and the company is
looking now to expand internationally. It has secured its reputation as Ireland’s
leading IPP through securing a portfolio PPA with Microsoft, and one of the
highest amount of MW’s in the RESS-2 auctions for any Irish company. As Power
Capital looks to construct their portfolio and expand overseas, the backing of
€240,000,000 financing facility secured by Irish solar
developer Power Capital Renewable Energy from an Eiffel
Investment Group led set of investors to construct over 1.2
GW of solar assets in Ireland and expand internationally
Press Release / 16 January 2023Eiffel Investment Group, Ethias, and the EIB shows the confidence that leading
private and public lenders have in their strategy and capabilities.
Pierre-Antoine Machelon, Head of Infrastructure at Eiffel Investment Group, and
Roman Londner, Vice-President in the Infrastructure team, said: “We are very
excited about this partnership with P ower C apital as w e are convinced by the
operational excellence of P ower Capital’s team and its promising and diversified
portfolio of projects . Providing financing for these Irish renewable energy
projects is of absolute necessity to reach our common energy transition
objectives in Europe .
”
Justin Brown and Peter Duff, Co-CEOs and Founders of Power Capital
Renewable Energy, said: “It is fantastic to attract a club of such significant
investors into the Irish solar sector. We have already commenced construction
and expect 230MW to be completed by late this year across counties Cork,
Wexford, Louth and Meath . Having the support from E iffel Investment Group , EIB
and Ethias will allow us to rapidly expand our construction roll out over the next
years.”
Christian Kettel Thomsen, Vice President of the European Investment Bank,
said: “The European Investment Bank is pleased to back one of the largest ever
investment s in solar energy in Ireland. This new initiative will strengthen domestic
renewable power generation and cut carbon emissions, and shows how
European partners are supporting the energy transition.”
Michael Pollan, Managing Partner at Omnes, said: “This partnership will allow
P ower Capital to accelerate its transformation into Ireland’s leading solar IPP at
a time when the country is signaling an increasing need for renewable energy.
We are thrilled to have Eiffel Investment Group , the EIB and Ethias on board.”
Joris Laenen, Chief Investment & Life Officer at Ethias, said: “In line with our ESG
engagement and after having recently joined the Science Based Targets
Initiative, Ethias is pursuing with this new investment its support to the energy
transition. It fits perfectly wit h our strategy to reposition our investment portfolio
into less carbon intensive sectors, while obtaining geographic diversification next
to our core direct investments in Belgium. We believe P ower Capital management
has demonstrated so far excellent imple mentation in its goal to become Ireland’s
largest solar power provider, which has convinced us to join historical Tier-1
financial partners such as Omnes and Eiffel Investment Group .
”
Akereos Capital acted as sole bookrunner, structurer and exclusive debt advisor
to Power Capital and also acted as exclusive financial advisor to Power Capital
on the PPA with Microsoft. Power Capital were advised by Arthur Cox and Philip
Lee (legal) while Eiffel Investment Group were advised by Eversheds Sutherland.
Press Release / 16 January 2023About Power Capital Renewable Energy
Power Capital Renewable Energy is an Independent Power Producer (IPP) established
in Ireland in 2011. The company has been developing a solar portfolio of over 1200MW
in Ireland and has also been growing its international presence. In 2020 Omnes Capital
made a strategic investment in the company and since then the company has been
transitioning to becoming an IPP.
The Dublin based office has a growing team spread across engineering, finance, legal,
environmental planning, and construction. The company is continuing to develop solar
projects in Ireland and is also developing grid scale battery storage sites. Power Capital
is currently constructing 230MW of solar farms across Wexford, Cork, Meath and Louth
under Corporate Power Purchase Agreements. Power Capital was also successful with
over 300MW in RESS 2 which will also commence construction in H2 2023.
Website at www.powercapital.ie
About Eiffel Investment Group
Eiffel Investment Group is an asset manager with ca. €5 billion under management (data
as of end of 2022, including undrawn commitments). Eiffel Investment Group’s clients
are large institutional investors (insurers, mutual funds, pension funds, banks, large
family offices, and public investors) as well as individuals, through intermediary
distribution.
Eiffel Investment Group cultivates a strong industrial expertise, particularly in the field
of energy transition, but also in health, agri-food and digital. It finances companies and
their assets through four main strategies: private debt, energy transition infrastructure,
private equity, and listed equities and credit.
Eiffel Investment Group’s mission is to invest for a sustainable world. Its investment
strategies aim to generate not only a strong financial performance but also a positive
impact on the environment and society.
The Eiffel Investment Group team has approximately 80 talented employees, mainly in
Paris, with presence in Amsterdam, Warsaw, and New York. The Eiffel Transition
Infrastructure fund is exclusively reserved for professional clients.
Website at www.eiffel-ig.com/en
About European Investment Bank
The European Investment Bank (EIB) is the long-term lending institution of the European
Union, owned by its Member States. It makes long-term finance available for sound
investment in order to further EU policy goals. More information on www.eib.org.
About Ethias
Ethias is a Belgian insurance company that has developed a unique business model
focused on direct, digital and public services. This strategy is well supported by the
commitment of its 1,900 employees, the trust of its customers (1,200,000 private
individuals and more than 40,000 customers in the public and private sectors), the
support of its public shareholders, its 100 years of experience and its financial strength.
Ethias is constantly innovating to create value and meet the needs of tomorrow through
Press Release / 16 January 2023ecosystems in areas such as health, mobility and housing, with sustainability and
responsible approach at the heart of its mission.
About Omnes
Omnes is a leading private equity and infrastructure investor. With over €5 billion in
assets under management, it provides companies with the capital they need to fund
their growth, in three key areas: venture capital, growth & buyout capital and
infrastructure. Omnes is committed to ESG factors and has founded the Fondation
Omnes to fund initiatives in favour of children and young people. It is a signatory to the
United Nations Principles for Responsible Investment (PRI).
Website at www.omnescapital.com
Press contacts
• Power Capital Renewable Energy: Avila Lipsett – avila@societypr.ie
• Eiffel Investment Group: Samuel Beaupain – samuel@edifice-
communication.com
• EIB: Richard Willis – willis@eib.org
• Ethias: Serge Jacobs – serge.jacobs@ethias.be
• Omnes: Amira Oueld-El Hachemi – amira.oueld@omnescapital.com