Terra Solar, a NovaUCD start-up founded in 2016, is giving up its sites in Wexford and Cork to Power Capital to develop solar farms.
Dublin-based company Power Capital Renewable Energy (PCRE) has announced plans to acquire majority interest in Terra Solar’s 400MW portfolio.
This will bring the company’s total solar assets to 840MW and boost its presence in the Irish solar power space.
A start-up that sprung out of NovaUCD, the University College Dublin accelerator, Terra Solar was founded by David Fewer and André Fernon in 2016. State-owned ESB was one of Terra Solar’s early investors, putting up €2.5m for a stake in the company.
Paris-based VC firm Omnes Capital will back the development of the solar sites over the next few years, which require around €200m to build out. Irish and international lenders will also back the development.
Power Capital director Peter Duff said that his company’s aim of becoming Ireland’s leading independent power producer has come a step closer with the deal.
“Both Terra Solar and PCRE share common values and ambitions to help Ireland meet its 2030 targets and we are excited that Terra Solar chose us as a partner to bring these sites through construction,” he said.
The solar farm sites, located in Wexford and Cork, are a culmination of more than four years of engagement with local landowners, communities and planners, said Fewer.
“We will be retaining an equity stake in the developments and will be working intensively with all stakeholders over the coming few years to ensure that these sites are successfully constructed while equally continuing to grow our remaining development pipeline of 600MW.”
Justin Brown, co-founder of Power Capital, said that the company is currently in talks with other industry bodies about “increasing our foothold in the sector and we expect to see renewable energy being the dominant generator of electricity across Ireland within the next decade”.
Construction on the solar farms is set to begin in 2022 and the project is expected to be completed in the next five years.