Beauchamps advised Terra Solar on the sale to Power Capital Renewable Energy, assisted by Philip Lee.
Irish solar PV developer Power Capital Renewable Energy (PCRE) has acquired a majority interest in a 407 megawatt (MW) solar portfolio from the Dublin-based energy company founded by a pair of former private equity executives.
PCRE intends to complete development of the solar farms located in counties Cork and Wexford in partnership with Terra over the next five years. Construction is due to commence next year with the first plants expected to be operational by the middle of 2023 and the project completed by 2027.
The deal takes PCRE’s total portfolio to 840MW. The company, which was bought by Parisian private equity firm Omnes Capital in November, anticipates that approximately €200 million will be needed to build out the entire portfolio, with equity being provided by Omnes, and with debt to be raised with Irish and international lenders.
PCRE, founded in 2011 by Peter Duff and Justin Brown, specialises in developing large scale photovoltaic solar farms and operates in Ireland, Britain, Germany and Greece.
Terra Solar focuses on the solar energy development in Ireland.
The Beauchamps team was led by Ainsley Heffernan (Picture) and supported by Daire Russell, John Sweeney and Stuart Conaty.
The Philip Lee team comprised of Eoghan Doyle.
Involved fees earner: Stuart Conaty – Beauchamps Solicitors; Ainsley Heffernan – Beauchamps Solicitors; Daire Russell – Beauchamps Solicitors; John Sweeney – Beauchamps Solicitors; Eoghan Doyle – Philip Lee;