Highfield Solar has secured project financing to fund the construction and operation of two additional Solar PV projects with a total capacity of 132 MWp. This milestone follows the financing of four other projects in Ireland, totalling 473 MWp. Since July 2021, Highfield Solar has secured over €400 million in cumulative debt funding for more than 600 MWp of solar projects in Ireland.
Highfield Solar Limited, a joint venture between renewable energy developers ib vogt, Highfield Energy, and Aura Power, together with Coöperatieve Rabobank U.A., have successfully reached financial close for the 70 MWp Clonin North and 62 MWp North Arklow solar PV plants.
Highfield Solar and Coöperatieve Rabobank U.A. have successfully continued their collaboration with this financing, having previously financed a portfolio of 473 MWp across four solar projects: Rathnaskilloge (106 MWp) and Gaskinstown (93 MWp) in December 2023, and Rosspile (138 MWp) and Gillinstown (136 MWp) in July 2021.
Both the Clonin North and North Arklow projects were successful in the Government of Ireland’s second competitive Renewable Electricity Support Scheme (RESS 2) auction run by the Department of the Environment, Climate and Communications in 2022. The RESS auctions are designed to promote investment in renewable energy, supporting Ireland’s goal of achieving 80% renewable electricity by 2030. Highfield Solar is proud to be contributing to this critical target on Ireland’s path to decarbonisation.
As part of the RESS scheme, local communities, clubs, and societies will benefit from approximately €100,000 in annual funding for the next 15 years.
Matheson LLP supported Coöperatieve Rabobank U.A. through the transaction, and technical advice was provided by Krug & Schram. Further advice was also provided by Howden Group.
Highfield was again supported by Mason Hayes and Curran LLP, Augustus Cullen Law and Crotty Group.
“We are delighted Highfield Solar has reached this significant milestone and we are now looking forward to the continued roll-out of our portfolio. This is the result of years of planning and investment in these projects. We have enjoyed a very positive relationship with our partners in Highfield Solar, ib vogt, and Aura Power, and their experience and knowledge allied with our own has been invaluable.
As a company founded in Ireland, we are hugely proud of our role in continuing to attract such significant investment into the country for renewable electricity generation projects. It is also very important to us that the establishment of the associated community benefit funds will make significant contributions to the locality over the next decade and beyond”, says Peter Kavanagh, Managing Director of Highfield Energy.
“The Clonin North and North Arklow projects mark an exciting new chapter in our successful joint venture, helping to build some of the largest solar plants in Ireland,” said Anton Milner, CEO of ib vogt.
“We are deeply grateful to our financing partners for their vital role in advancing clean, renewable energy across the country. These projects not only deliver significant ecological and economic benefits but also contribute to long-term, meaningful change for the local communities. With the support of the RESS scheme, we are optimistic about the future of solar energy in Ireland and the lasting positive impact it will bring.”
“The Irish solar market is now one of the most exciting in Europe and the scale of these projects is a testament to that. We look forward to seeing these projects reach energisation, along with many more in our development pipeline.” says Simon Coulson, Director at Aura Power.
Project Details
With a total capacity of 70 MWp, the Clonin North solar PV plant will be located on a ca. 70-hectare site near the village of Rhode, County Offaly. The North Arklow site, with a capacity of 62MWp, will be located near the town of Arklow in County Wicklow.
The projects will utilize high-capacity bifacial modules on fixed-tilt support structures for optimized land use and efficiency. Work on the grid connection infrastructure and Solar PV construction is expected to commence in October 2024.
Highfield Energy has provided development expertise including strategy development, site identification, landowner liaison and management of the consenting and grid connection processes. Highfield Energy will also provide construction management and asset management services for the projects. ib vogt has provided development funding and technical engineering support to Highfield Solar and will provide EPC and initial O&M services for the PV projects.
