Irish solar PV developer Power Capital Renewable Energy (PCRE) acquired a majority interest in a 407 megawatt (MW) solar portfolio from Terra Solar, a Dublin-based solar energy company founded by two former private equity executives. Philip Lee advised the buyer, PCRE, and Beauchamps advised Terra Solar on the sale.
Over the next five years, PCRE intends to complete development of the solar farms located in counties Cork and Wexford in partnership with Terra Solar, with construction due to commence next year. The first plants are expected to be operational by the middle of 2023 and the project completed by 2027. The deal raises PCRE’s total portfolio to 840MW, and the company expects that roughly €200 million will be required to build out the entire portfolio. Equity will be provided by Omnes, with debt to be raised with Irish and international lenders.
The Philip Lee team was comprised of Eoghan Doyle, Síobhan McCabe, Hugo Grattirola, Maeve Delargy, and Elaine Whelan. The Beauchamps team comprised Ainsley Heffernan, Daire Russell, John Sweeney and Stuart Conaty.
