Eiffel Investment Group has led a financing facility of up to €323m for Power Capital Renewable Energy (PCRE), an Irish firm that specialses in solar and battery energy storage systems (BESS).
The latest financing facility, which begins with an initial tranche of €168m, complements Power Capital’s recent strategic equity partnership with Infranity and Omnes Capital.
Power Capital said the facility, which can be upsized to €323m, will be used to refinance existing debt from 2023 and 2024. It will also provide flexible capital to fund the development and construction of most of the company’s assets.
Pierre-Antoine Machelon, head of infrastructure at Eiffel Investment, and Roman Londner, investment director at Eiffel Investment Group, said: “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.
“Eiffel’s capacity to structure flexible debt transactions of more than €150m fits with the plan of European IPPs [independent power producers], such as Power Capital, to accelerate their growth.”
Jean-Baptiste Delattre, director at Omnes, said: “Since our partnership with PCRE started in 2020, the company has steadily implemented its business plan, becoming Ireland’s leading IPP.
“This financing complements the recently announced investment from Infranity and we are very proud to have Eiffel Investment Group, an investor with shared values and strategy, as a continuing partner in PCRE.”
Justin Brown, CEO of Power Capital, said: “We are proud to have Eiffel Investment Group lead on this transaction. Their deep expertise in infrastructure, and flexible approach to structuring has enabled us to secure capital aligned with our growth ambitions.”
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