European Investment Bank provides €100 million financing for Power Capital's 395 MWp Irish solar portfolio
Type: Financing · Technology: Solar · Country: Ireland · Capacity: 395 MWp · Value: EUR 100M · Announced: 2026-03-19
The European Investment Bank (EIB) has committed a €100 million project finance loan to Dolmen Solar Ltd, a subsidiary of Power Capital Renewable Energy, to support the construction and operation of four solar PV projects in Ireland. The 395 MWp portfolio spans Counties Clare, Tipperary, Wicklow, and Wexford, with construction starting between March 2026 and April 2026 and commercial operations expected from January 2027 through April 2028. The projects include Manusmore (99.5 MWp), Ballinaclough (15.5 MWp), Tullabeg 2 (181.6 MWp), and Barnaleen Cauteen (98 MWp), collectively generating approximately 367 GWh annually—enough to power 79,900 households. This marks Ireland’s first utility-scale solar portfolio financed on a non-recourse project finance basis, unlocking long-term investment in the country’s renewable sector. The debt package includes EIB and Danske Bank lending on a pari passu basis, with the EIB portion representing 43% of senior debt and including a dedicated debt service reserve facility. Electricity will be sold into the Irish wholesale market under 16.5-year RESS-3 and RESS-4 contracts featuring two-sided contracts for difference, 30% indexation, and curtailment compensation.
Analysis
The European Investment Bank (EIB) has provided a €100 million project finance loan to Dolmen Solar Ltd, a subsidiary of Power Capital Renewable Energy, to support the construction and operation of a 395 MWp solar PV portfolio across Counties Clare, Tipperary, Wicklow, and Wexford in Ireland. The EIB, the lending arm of the European Union, is providing 43% of the senior debt and has included a dedicated debt service reserve facility in its financing package, alongside lending from Danske Bank on a pari passu basis. Construction of the four projects—Manusmore (99.5 MWp), Ballinaclough (15.5 MWp), Tullabeg 2 (181.6 MWp), and Barnaleen Cauteen (98 MWp)—is scheduled to begin between March 2026 and April 2026, with commercial operations expected from January 2027 through April 2028. Electricity output will be sold into the Irish wholesale market under 16.5-year RESS-3 and RESS-4 contracts featuring two-sided contracts for difference, 30% indexation, and curtailment compensation, supporting annual generation of approximately 367 GWh.
Key points
- €100 million project finance loan from the European Investment Bank
- 395 MWp solar portfolio across four Irish counties with 367 GWh annual generation
- Construction start: March 2026 to April 2026; commercial operations from January 2027 to April 2028
- 16.5-year RESS-3 and RESS-4 contracts with two-sided CfDs, 30% indexation, and curtailment compensation
- EIB and Danske Bank lending on pari passu basis; EIB portion is 43% of senior debt
Counterparties
- Danske Bank (Lender)
- Power Capital Renewable Energy (Parent Company)
- European Investment Bank (EIB) (Lender)
- Dolmen Solar Ltd (Borrower)