Clean energy provider Pinergy has launched a €30m fund to accelerate the delivery of solar energy to businesses across the country – with a particular focus on the hotel and hospitality sector.
Funded solar is a new service for commercial energy users that will enable them to access lower-cost renewable energy as they get ready for the energy transition.
As part of this new service, Pinergy will design, install, and maintain the solar PV installation in their clients’ commercial properties with no capital outlay for the business.
The client will agree a Power Purchase Agreement (PPA) with Pinergy to buy electricity generated by the solar panels which will be lower cost than prevailing prices from the grid. When the €30m fund is fully taken up the renewable energy generated would meet the equivalent needs of 7,000 typical homes, reducing demand on the grid.
The new service enables commercial clients to experience the benefits of a solar PV installation without the upfront capital cost, whilst ensuring the business can immediately benefit from the generation and use of renewable energy. As a result, clients will see their operating expenses and cashflow improve as they will require less electricity from the grid, thus resulting in reduced energy prices and increased energy security for the next 25 years.
This new funded solar service will enable businesses of all sizes with good roof space to utilise renewable energy to reduce their carbon footprint and move towards a more sustainable business model. The initiative is ideally suited to commercial energy users across a range of sectors including retail, hospitality, leisure, manufacturing, logistics, pharma and industrial sectors who have seen their grid energy costs increase in recent years.
Speaking at the launch of the new €30m solar energy fund for businesses, Pinergy CEO, Enda Gunnell, said: “Many businesses have been faced with rising operating costs due to volatile energy markets over the last few years. We recognised that there is need to provide a simple solar solution that maintains security of supply while reducing costs to businesses across the country, while also enabling them to play their part in a sustainable energy future.”
He added: “The Pinergy Solar Fund is our solution to meet the needs of many businesses, who are not ready to make the upfront capital investment that Solar projects traditionally require. We are delighted to be able to bring this new service to the market. Pinergy will fund the initial installation and maintain the solar PV project, while at the same time our clients benefit from certainty on and reduced energy prices for the next 25 years.”
