Irish solar power producer Power Capital Renewable Energy (PCRE) has secured a financing facility of up to €323 million, led by Eiffel Investment Group.
The initial tranche of €168 million secured as part of the financing facility will be used to refinance existing debt facilities from 2023 and 2024, while also providing flexible capital to support the execution of Power Capital’s business plans.
The facility, structured as a bond listed on the Vienna Stock Exchange, may be upsized to €323 million to complete the development of and build PCRE’s assets.
‘Deep expertise’
“We are proud to have Eiffel Investment Group lead on this transaction,” commented Justin Brown, CEO of Power Capital. “Their deep expertise in infrastructure, and flexible approach to structuring has enabled us to secure capital aligned with our growth ambitions.”
The new financing facility complements the recently-announced strategic equity partnership with Infranity and Omnes, which will ‘accelerate Power Capital’s growth trajectory in the near term’, the company said in a statement.
Founded in 2011, PCRE currently has 230 MW of operational capacity, with 330 MW under construction, which is scheduled for completion in early 2026. The company’s development pipeline exceeds 5 GW of solar PV and battery energy storage systems (BESS) assets. It currently maintains active power purchase agreements with technology firms including Microsoft and Google.
The latest transaction also aligns with Eiffel’s strategy of providing debt capital to European renewable energy producers, with some €2.2 billion committed to date.
‘Ambitious growth trajectory’
“We are delighted to support Power Capital’s strong management team and its shareholder Omnes Capital in their ambitious growth trajectory and help them accelerate the development and construction of renewable energy parks across Ireland,” commented Pierre-Antoine Machelon, head of infrastructure at Eiffel Investment Group, and Roman Londner, investment director at Eiffel Investment Group.
“Eiffel’s capacity to structure flexible debt transactions of more than €150 million fits with the plan of European IPPs, such as Power Capital, to accelerate their growth.”
Akereos Capital acted as sole bookrunner, structurer, and exclusive debt adviser to Power Capital on this transaction. Mason Hayes & Curran acted as lender legal advisor, and Arthur Cox as borrower legal advisor. Read more here.
