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.
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.