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July 20, 2021updated 20 Jul 2022 8:35am

Highfield Solar secures financing for two solar power plants in Ireland

The two solar projects participated in the Irish Government’s Renewable Electricity Support Scheme auction last year.

By Umesh Ellichipuram

Highfield Solar, a joint venture company of ib vogt, Highfield Energy and Aura Power, has reached financial close for two solar photovoltaic (PV) plants in Ireland.

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The company secured a debt facility for the €160m ($188m) project from three banks, namely Coöperatieve Rabobank, Landesbank Baden-Württemberg and Norddeutsche Landesbank. Each bank has agreed to provide one-third of the senior debt.

Highfield Energy managing director Peter Kavanagh said: “We are delighted to have reached this significant milestone and we are now looking forward to completing both of these solar PV projects.

“This is the result of years of planning and investment. The three partners have enjoyed a very positive relationship and combined their resources, capabilities, experience and knowledge to create these first-class projects.”

Highfield Solar will use the financing to build and operate the two solar PV plants, which will each have 141MWp of installed capacity.

The Rosspile plant will be built on a 140ha site near Foulksmills, County Wexford, while the Gillinstown facility will be built on a 123ha site near Duleek, County Meath.

Both facilities will feature bi-facial modules on fixed-tilt support structures for optimised land use and efficiency. Work is currently underway for establishing a link between the solar facilities and the power grid.

The Rosspile plant is scheduled to come online by next July while the Gillinstown plant is expected to begin operations next October.

ib vogt provided development funding and technical engineering support to Highfield Solar for these projects. It has also agreed to offer engineering, procurement, construction, initial operation and maintenance services.

Both projects were successful participants in the Irish Government’s first competitive Renewable Electricity Support Scheme (RESS I) auction, which was run by the Department of the Environment, Climate and Communications last year.

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Free Report
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Delve into the renewable energy prospects for Morocco

In its new low greenhouse gas (GHG) emission strategy to 2050, submitted to the United Nations (UN), the Ministry of Energy Transition and Sustainable Development (MEM) of Morocco suggested to raise the share of renewable capacity in the country’s total power installed capacity mix to 80%.   Morocco currently aims to increase the share of renewables in total power capacity to 52% by 2030. The new strategy plans to increase the share of renewable capacity to 70% by 2040 and 80% by 2050.  GlobalData’s expert analysis delves into the current state and potential growth of the renewable energy market in Morocco. We cover: 
  • The 2020 target compared to what was achieved 
  • The 2030 target and current progress 
  • Energy strategy to 2050 
  • Green hydrogen 
  • Predictions for the way forward  
Download the full report to align your strategies for success and get ahead of the competition.   
by GlobalData
Enter your details here to receive your free Report.

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