DLA Piper advises AIB, Bank of Ireland and Société Générale on the EUR215 million financing of seven solar farms in Ireland

DLA Piper has advised AIB, Bank of Ireland and Société Générale on the EUR215 million financing of a portfolio comprising seven solar farms across Ireland. The financing of the 300 MW portfolio, for Power Capital Renewable Energy, represents one of the largest financings of solar in Ireland to date.

Conor Barrett, Head of Project Finance, Bank of Ireland Corporate & Commercial, comments: “We are very grateful to the Team at DLA Piper for their exceptional legal counsel, dedication, and support in achieving the recent financial close of the Power Capital RESS 2 solar portfolio.”

Seán McGrenaghan, legal director at DLA Piper, commented “Congratulations to Justin Brown, Peter Duff and all the team at Power Capital for their vision and tenacity in getting this deal over the line. And, to our clients AIB, Bank of Ireland and Société Générale on their commitment and collaboration in reaching this successful conclusion.”

Natasha Luther-Jones, Global Co-Chair of the Energy and Natural Resources sector and International Head of Sustainability and ESG at DLA Piper added “Having tracked the development of Irish solar for a long time now, it's fulfilling to see transactions of this scale taking place. The Irish market is a significant focus for our leading energy team and I envisage this deal being one of many major Irish transactions announced this year.”

The DLA Piper project finance team was led by Dublin-based Legal Director, Seán McGrenaghan, with construction due diligence being led by Edinburgh-based Senior Associate Jacques Camilleri and London-based Global Co-Chair of the Energy and Natural Resources Sector and International Head of Sustainability and ESG, Natasha Luther-Jones, with grid due diligence being led by Dublin-based Partner William Marshall and real estate matters being led by Legal Director Barry Noonan.