Capital Stage : and the Ireland Strategic Investment Fund enter EUR140m partnership to invest in Irish renewable energy market with leading Irish solar company Power Capital

Capital Stage and the Ireland Strategic Investment Fund enter EUR140m partnership to invest in Irish renewable energy market with leading Irish solar company Power Capital
 
Hamburg/Dublin, 18 January 2018 - Capital Stage AG, the SDAX-listed Hamburg-based solar and wind park operator, has today announced  a partnership with the Ireland Strategic Investment Fund (ISIF) to co-invest in the Power Capital (PC) portfolio, consisting of more than 20 parks with a total generating capacity of 140 megawatts (MW). It marks the first time that ISIF has committed to financing solar park developments in the country.  
 
The project involves developing more than 20 new solar parks primarily along the east and southwest coasts, from Louth to West Cork. The individual parks will range in size between 5 MW and 25 MW. Planning permission was secured on 110 MW by the end of 2017, with the remaining sites expected to secure permission in the first quarter of 2018.
 
The Irish Government has committed to generating some 40 per cent of its electricity from renewable energy sources by 2020. A new public support scheme for renewable energy sources to reach this target was announced in September. A KPMG report on the potential benefits of solar energy in Ireland concluded that the industry could reasonably deploy over 3,750 MW from now to 2030.
 
Power Capital was co-founded by Peter Duff and Justin Brown in 2011. Speaking today, Peter Duff said: "Today marks a significant step forward in the lifetime of this ambitious and exciting project. It rubberstamps a major commitment from ISIF and from Capital Stage, whose input and investment will help us progress this high-quality pipeline of solar parks along Ireland's east and southwest coasts. Their commitment to this project is  not just a vote of confidence in Power Capital, but also in the solar market in Ireland generally, which is currently on an upward trajectory". Mr Duff added that Power Capital is:  "actively engaging with large energy consumers in Ireland who have commitments in terms of meeting their high energy demands through renewable sources".

Dierk Paskert, CEO of Capital Stage AG, said: "The Irish renewable energy market offers significant opportunities. The partnership announced today positions us perfectly to participate in the positive development of that market. Capital Stage is a long-term investor in renewable energy, thinking in decades rather than in years. Multinational and local corporates with growing demand for green energy will be served by the partnership, be it directly through power purchase agreements or indirectly via the regulated market."
 
Paul Saunders, Head of Innovation and Special Investments of ISIF, said: "ISIF is delighted to be partnering with an experienced renewable energy investor such as Capital Stage to support the development of the nascent Irish solar energy sector. This partnership supports Ireland's continued transition to a low carbon economy against a backdrop of Ireland possessing a solar resource similar to that in southern UK and northern Germany where solar energyhas delivered steady returns for institutional investors. We look forward to working with Capital Stage and Power Capital to deliver similar success in the Irish market over time."
 
About ISIF: 
The Ireland Strategic Investment Fund (ISIF) is managed and controlled by the National Treasury Management Agency (NTMA) is an EUR8.5 billion sovereign development fund with a unique mandate. It has a statutory mandate to invest on a commercial basis in a manner designed to support economic activity and employment in Ireland. The fund's predecessor was the National Pensions Reserve Fund (NPRF). With EUR8.5 billion available to deploy, ISIF differs from other pools of capital in significant respects. It has a long investment time horizon and therefore can act as a permanent or patient source of long-term capital. ISIF funding provides flexibility up and down the capital structure to meet changing capital needs and gaps in the marketplace.  For more information, please visit http://isif.ie

About Power Capital:
Power Capital is a development and investment company for the renewable energy sector specialising in the European Photovoltaic market. The company has capabilities across the entire value chain with the ability to manage all phases of solar development.  It designs and installs PV systems for across the whole construction sector, including commercial, education, agriculture and public sector. 
 
About Capital Stage AG:
The Capital Stage AG  invests in and operates solar and wind parks in Germany, Austria, Denmark, Finland, France, Italy, the Netherlands, the United Kingdom and Sweden. Including solar and wind parks acquired and operated as part of the asset management business for third parties, the company's generation capacity totals over 1,500 MW. This makes Capital Stage one of Europe's leading renewable independent power producers. Capital Stage AG is listed on the German stock exchange and is part of the SDAX index of Deutsche Börse. For more information, please visit www.capitalstage.com/en
 
The KPMG study can be found: http://irishsolarenergy.org/news-docs/A-Brighter-Future.pdf
 
For more information, please contact:

Power Capital
Amy Rose Harte
Tel: +353 86 3719607
Email: amyrose@arpr.ie
 
Capital Stage AG
Till Gießmann
Head of Investor and Public Relations
Tel: +49 (0)40 378 562 242
Email: till.giessmann@capitalstage.comISIF
David Clerkin
Gordon MRM
Tel: +353 87 830 1779
E-mail: david@gordonmrm.ie
 

Contact:
Head of Investor & Public Relations
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Capital Stage AG
Große Elbstraße 59
22767 Hamburg

Fon: + 49 40 37 85 62-242
Fax: + 49 40 37 85 62-129
e-mail: till.giessmann@capitalstage.com
http://www.capitalstage.com