Highfield Solar, a solar project developer, secured project financing to support the construction and operation of two solar projects in Ireland with a total capacity of 132 MW. Coöperatieve Rabobank U.A., a Netherlands-based financial services company, provided the funding.
The portfolio comprises the 70 MW Clonin North and 62 MW North Arklow solar project. The Clonin North project will be located near the village of Rhode County Offaly, while the North Arklow project will be located near the town of Arklow in County Wicklow.
Matheson advised Coöperatieve Rabobank, and Krug & Schram acted as technical advisors. Howden Group provided further advice. Mason Hayes and Curran, Augustus Cullen Law, and Crotty Group served as legal counsel to Highfield.
The work on the grid connection infrastructure and the construction of the solar project is expected to begin in October 2024. Highfield Energy provided development expertise for the projects, including strategy development, site identification, landowner liaison, and management of the consenting and grid connection process. The company will also provide construction management and asset management services.
In February, Highfield Solar also secured a €65 million (~$70.45 million) debt facility to construct and operate the 93 MW Gaskinstown solar PV project in Ireland. The project was financed by the Coöperatieve Rabobank U.A., which also funded the Rathnaskilloge 106 MW project developed by Highfield Solar in December 2023.
According to Mercom’s 1H and Q2 2024 Solar Funding and M&A report, large-scale solar project funding in 1H 2024 came to $19.9 billion in 117 deals compared to $14.9 billion in 113 deals in 1H 2023.
