European Investment Bank provides €100 million financing for Power Capital's 395 MWp Irish solar portfolio

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.

Counterparts (4)

borrower

D

Dolmen Solar Ltd

company

parent_company

P

Power Capital Renewable Energy

company

Dublin-based renewable energy developer and investor with over 1.8 GW of wind and solar projects developed across Ireland, the UK, and Poland. Manages $3.2 billion in assets, focusing on onshore wind, solar PV, and hybrid renewable projects in Europe.

Lender

European Investment Bank

company

The European Investment Bank (EIB) is the lending arm of the European Union. It focuses on providing financing for projects that support EU policy objectives, including sustainable development, innovation, and infrastructure development.

D

Danske Bank

company