Dublin-based solar developer BNRG raises €115m after Neoen deal

Dublin-based solar energy developer BNRG is currently raising up to €115 million in debt and equity after striking an asset swap deal with former partner Neoen.

NRG founder David Maguire said the funding is the first part of his plan to raise a total of €500 million by 2025. The funds will be invested in the development of Irish and US assets next year.

Last year the company partnered with Paris-listed renewable energy company Neoen in a €39m deal for three solar farms in Wicklow, Meath and Kildare with a combined capacity of 58MW.

They were part of the Government’s Renewable Energy Subsidy (RESS) 1 auction in 2020.

Société Générale had provided a senior non-recourse credit facility for this transaction in addition to the equity provided by BNRG and Neoen.

Maguire said Neoen broadly acquired the three RESS 1 developments while his firm acquired his former partner’s stake in the remainder of a 250MW solar portfolio and declined to go into further detail.

The two companies were partners in a €220 million joint venture back in 2017 after planning to develop 200MW of solar power across 23 projects.

Four of BNRG’s Irish solar projects totaling 56MW of capacity were approved under RESS 2 last week. The construction of these projects will start early next year and will require an investment of around 40 million euros.

The Irish company is also developing solar projects in the UK and Australia and has the potential to invest a further €30m in new projects in the UK.

Since 2007, the company has developed 394 MW of projects in the US, UK, Bulgaria, Ireland and Greece.

Maguire criticizes the regulatory and planning environment for renewable energy in Ireland.

“The permitting system and interconnection process here is not fit for purpose. Our solar and wind energy costs are higher than the UK or EU. Wind farms are the most profitable, but technology-specific auctions could result in lower electricity prices for consumers.

“Ireland is a relatively small market, making it difficult to attract large investors to the sector, which contributes to higher electricity prices.

“We are the most energy insecure nation in Europe – but it takes political will to apply relatively simple solutions to most of these problems.”

https://www.independent.ie/business/technology/dublin-headquartered-solar-developer-bnrg-raising-115m-after-neoen-deal-41697046.html Dublin-based solar developer BNRG raises €115m after Neoen deal

Fry Electronics Team

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