Highfield Solar Secures €160 Million Funding for 282 MW Solar Projects In Ireland

Highlights :

  • Highfield Solar secured funding of Euro 160 million for two solar PV projects.
  • Both projects are 141 MWs each and are expected to commence construction by 2022.

Ireland’s Highfield Solar has secured project funding for the construction and operation of two solar PV projects totaling 282 MW of installed capacity. these will be the largest solar projects in Ireland.

A joint venture between a German company ib vogt, an Irish company Highfield Energy and a UK company Aura Power, Highfield Solar Limited has successfully closed on a Euro 160 million project financing debt facility for two solar PV projects in Ireland

The funding has been led by the Coöperatieve Rabobank U.A., Landesbank Baden-Württemberg (LBBW), and Norddeutsche Landesbank (NORD/LB), providing one-third of the senior debt each, consisting of a blend of KFW and commercial loans. 

Both Solar PV projects were successful participants in the Government of Ireland’s first competitive Renewable Electricity Support Scheme (RESS 1) auction. The RESS auctions have been designed to promote investment in renewable energy and deliver on Ireland’s 70% renewable electricity target by 2030. 

Project Details

With a total capacity of 141 MWp, the Rosspile solar PV plant will be located on a ca. 140-hectare site near the village of Foulksmills in the County of Wexford. While the other one, the Gillinstown solar PV plant with the same capacity will be located on a 123-hectare site near the village of Duleek, County Meath. 

Both projects will utilize high-capacity bifacial modules on fixed-tilt support structures for optimized land use and efficiency. Work on the grid connection infrastructure has already commenced and Solar PV construction is expected to be completed in July 2022 for Rosspile and October 2022 for Gillinstown.

“We are delighted to have reached this significant milestone and we are now looking forward to completing both of these Solar PV projects. It is also very important to us that the establishment of the associated community benefit funds will make significant contributions to the respective localities over the next decade and beyond”, says Peter Kavanagh, Managing Director at Highfield Energy

Ib vogt has provided development funding and technical engineering support to Highfield Solar and will provide EPC and initial O&M services for the PV projects.

Speaking on their venture, the Managing Director of ib vogt GmbH, Mr. Anton Milner stated, “The collaboration with our joint venture partners Highfield Energy and Aura Power has been outstanding. Concluding the financing process would not have been possible without the conviction of our financing partners in renewable energy projects and their competence in funding them.”

Interestingly, participation in the RESS scheme will guarantee that the Solar PV projects will get benefit from the funding of approximately Euro 200,000 each year for the term of RESS support of 15 years. 

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Bhoomika Singh

Bhoomika is a science graduate, with a strong interest in seeing how technology can impact the environment. She loves covering the intersection of technology, environment, and the positive impact it can have on the world accordingly.

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