BNRG, a developer based in Dublin, and Impax Asset Management, an asset manager, have achieved financial closure on the development of three solar farms. With a peak combined capacity of 43MW, these farms could generate enough sustainable energy to accommodate 10,000 homes each year. Two farms are established in Co Kildare and the third one in Cork, with an estimated investment exceeding €35 million. Operation is predicted to commence the following year, marking this as the premier construction endeavour post their collaborative venture deal in 2022.
David Maguire, founder and CEO of BNRG since 2007, has recently been announced as a finalist for the EY Entrepreneur of the Year Awards in the international division. As per Mr Maguire, BNRG has set goals to deploy roughly €575 million into Ireland’s renewable energy infrastructure by 2027, equating to 1.2GW of solar. Most of this energy generation capacity should reach construction readiness by late 2026 and be ready to generate energy by 2028, sufficient to power about 279,000 Irish households continuously for four decades.
The trio of solar projects receive funding through equity contributions by BNRG and Impax Asset Management, along with non-recourse senior debts from Société Générale, a French investment bank. With their success in the Government’s second round of renewable electricity support scheme auctions, the projects will receive governmental assistance until 2040. This is in alignment with the Government’s aspirations to accomplish its environmental action plan centred around green energy objectives.