Independent power producer, Power Capital Renewable Energy (PCRE) has secured the highest volume of MWs awarded in the solar category of Ireland's RESS 4 auction this week.
Following previous successes in RESS 1, 2 and 3, Power Capital Renewable Energy, based in Dublin, has secured a further CFD award (Contract for Difference) for two projects which will have an installed cumulative capacity of 280MWp in Ireland's latest renewable electricity support scheme.
This result, announced on Monday September 9th, has put Power Capital Renewable Energy ahead of the competition in terms of volume awarded for solar energy. This brings it up to 1GW of capacity for which routes to market have been secured by Power Capital Renewable Energy, a major milestone for the company and the industry.
This result further strengthens PCRE's leading position in the Irish solar market, having recently completed the construction of four projects totaling 230MWp, each of which is supported by a Corporate PPA with large tech companies.
PCRE has also now commenced construction on a further 330MWp of RESS 2 assets and expects to start construction of its RESS 3 and RESS 4 projects in 2025.
Speaking about the RESS 4 results Justin Brown CEO of PCRE says:
"It is positive to see the momentum building towards the Government's 2030 targets of producing 80% of Ireland's electricity from renewable sources. Power Capital Renewable Energy is delighted to be contributing to this, and the recent RESS 4 success allows us to continue to build upon our track record in the delivery of projects onto the Irish grid."
PCRE's latest projects will be developed in counties Tipperary and Wexford.
ABOUT PCRE:
Power Capital Renewable Energy is an IPP established in Ireland in 2011. In 2020 Omnes Capital made a strategic investment in the company. The company has since grown its Irish pipeline to 5GW. The Dublin based office has a growing team spread across engineering, finance, legal, environmental planning, and construction. The company is continuing to develop solar projects in Ireland and is also developing grid scale battery storage projects.
Website: www.powercapital.ie
FOR FURTHER INFORMATION CONTACT:
PR Manager:
Avila Lipsett avila@societypr.ie
Phone: +35386-8180190
www.societypr.ie
MORE ABOUT THE RESS SCHEME:
The Renewable Electricity Support Scheme (RESS) is a Government of Ireland initiative. It's a major step in achieving Ireland's target of at least 80% renewable electricity by 2030. The scheme supports renewable electricity projects in Ireland.
RESS is a pivotal component of the Programme for Government and the Climate Action Plan 2021.
Support under RESS is allocated by way of auctions. RESS auctions are delivered by the Department of Environment, Climate and Communications (DECC), with the support of Commission for Regulation of Utilities (CRU) and EirGrid, the Transmission System Operator (TSO).
The RESS delivers a broader range of policy objectives, including:
- Provide pathways and supports for communities to participate in renewable energy projects
- Increase technology diversity by broadening the renewable electricity technology mix
- Deliver an ambitious renewable electricity policy to 2030
- Increase energy security, energy sustainability and ensure the cost effectiveness of energy policy
- EirGrid operates the RESS auctions, including qualification.
