PCRE is set to build 1.2 GW of solar plants across Ireland. The Dublin-based independent power producer (IPP) announced the closing of a €240 million construction equity facility with a consortium of lenders managed by Eiffel Investment Group, along with Belgian insurer Ethias and the European Investment Bank.

The solar projects are expected to begin commercial operations in 2025. The first phase of investment will total €100 million. It will be used to build solar assets benefiting from power purchase agreements (PPAs) signed with Microsoft and another undisclosed technology company. The remaining solar projects were awarded tariffs in the Irish RESS2 auction, according to a PCRE statement.

“This new European support for 1.2 GW of solar power investment across Ireland is a vote of confidence for Irish renewables,” said the Irish Minister for the Environment, Climate and Communications Eamon Ryan. “It will enable solar electricity to replace fossil fuel usage to power Ireland on sunny days and contribute to our target of up to 5 GW of solar energy by 2025.”

PCRE will use €100 million to build its remaining solar project pipeline. It said it might assign another €40 million to support its international expansion plans.

“It is fantastic to attract a club of such significant investors into the Irish solar sector. We have already commenced construction and expect 230 MW to be completed by late this year across counties Cork, Wexford, Louth and Meath,” said Justin Brown and Peter Duff, co-CEOs of PCRE. “Having the support from Eiffel Investment Group, EIB and Ethias will allow us to rapidly expand our construction roll out over the next years.”