Irish solar PV developer Power Capital Renewable Energy (PCRE) has acquired a majority stake in 400 MW of projects under development by Irish firm Terra Solar.
PCRE intends to complete development of the solar farms located in counties Cork and Wexford in partnership with Terra over the next five years.
The deal takes PCRE’s total portfolio to 840MW. The company, which was bought by Parisian private equity firm Omnes Capital in November, anticipates that approximately €200 million will be needed to build out the entire portfolio, with equity being provided by Omnes, and with debt to be raised with Irish and international lenders.
Philip Lee was delighted to act for Power Capital on this transaction.
Read more in the Irish Times here.