Business

Three solar farms set to power 10,000 Irish homes a year

Dublin-based developer BNRG and asset manager Impax Asset Management have reached financial close on the deal

Two of the solar farms will be located in Co Kildare, with the other one in Cork. Photograph: Justin Sullivan/Getty Images

Colin Gleeson
Sat Apr 27 2024 - 05:00

Dublin-based developer BNRG and asset manager Impax Asset Management have reached financial close on the development of three solar farms that will have a combined peak capacity of 43MW, which is enough renewable power to supply 10,000 homes a year.

Two of the farms will be located in Co Kildare, with the other one in Cork in what industry sources estimate will involve an investment of in excess of €35 million. They are due to be operational next year. This is the first project to commence construction for the groups following their joint venture deal in 2022.

Separately, BNRG chief executive David Maguire, who founded the company in 2007, has been named a finalist in the EY Entrepreneur of the Year Awards in the international category.

“BNRG is on track to deploying 1.2GW of solar in Ireland by 2027, representing an investment of circa €575 million in Irish renewable energy infrastructure,” said Mr Maguire. “Much of this capacity will be construction ready by end-2026 and ready to energise by 2028. That’s enough energy to supply about 279,000 homes in Ireland every year for 40 years.”

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The three solar projects are being funded by a combination of equity provided by BNRG and Impax Asset Management, as well as non-recourse senior debt from French investment bank Société Générale.

The projects, which were successful in the second auction of the Government’s renewable electricity support scheme, will benefit from State support up to 2040, as part of the Government’s bid to reach its climate action plan green energy goals.

Colin Gleeson

Colin Gleeson

Colin Gleeson is an Irish Times reporter

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