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    Highfield secures €65 million in financing for Irish solar projects

    Highfield Solar, a collaborative effort between Ib Vogt, Highfield Energy, and Aura Power, has successfully concluded the financial arrangements for a €65 million project financing debt facility for the 93MWp Gaskinstown PV plant in Ireland. Coöperatieve Rabobank UA, which previously financed the Rathnaskilloge 106MWp site in December 2023, is once again the lender.

     

    The Gaskinstown project, which secured its place in the Irish government’s second competitive Renewable Electricity Support Scheme (RESS 2) auction in 2022, is set to provide local communities, clubs, and societies with approximately €150,000 in annual funding throughout the 15-year term of RESS support. Matheson LLP assisted Coöperatieve Rabobank U.A. during the transaction, and technical guidance was offered by Krug & Schram. Highfield received support from Mason Hayes and Curran LLP and Augustus Cullen Law.

     

    Anton Milner, Ib Vogt chief executive, commented “This Gaskinstown project as well as the recently closed Rathnaskilloge project are the continuation of a tremendously successful joint venture, building some of the largest solar plants in Ireland.”

     

    “I would also like to thank our financing partners, who are making significant investments to enable clean, renewable energy in the country. Through the ecological and economic benefits as well as the benefits through the RESS scheme, these projects will make a long-lasting positive impact for the communities and people in the region.”

     

    The Gaskinstown solar array, boasting a total capacity of 93 MWp, is set to be situated on approximately 81 hectares near the village of Duleek in County Meath. According to the developer, the project will employ high-capacity bifacial modules mounted on fixed-tilt support structures to maximize land utilization and efficiency. The developer has already initiated work on the grid connection infrastructure, and the construction is anticipated to conclude by September 2024.

     

    Peter Kavanagh, Highfield Energy managing director, added  “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.”

     

    Simon Coulson, Aura Power director, said “It is exciting to reach this significant milestone which will bring the project to fruition. Gaskinstown solar was awarded one of the highest solar PV capacities in the RESS 2 auction and together with our partners, we look forward to bringing more solar PV projects through to the Irish market.”

     

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