Power Capital Renewable Energy (PCRE), one of the UK’s biggest developers of solar energy and battery storage, is looking for a new owner as its private equity backers seek to cash in on the booming renewable energy sector.
PCRE, which has a 3.5 gigawatt portfolio of solar and battery assets in Ireland and the US, is backed by Omnes Capital, a French private equity firm that specializes in renewable energy investments. Omnes Capital has hired Akereos Capital, a London-based boutique advisory firm, to find a buyer for PCRE, according to sources cited by the Times1.
The sale may involve either a majority stake or 100% of the solar energy firm, depending on the interest and valuation of potential buyers. The expected post-money valuation of PCRE is €400 million ($424 million), the sources said.
The sale comes at a time when the renewable energy sector is booming, driven by the global transition to low-carbon sources of power and the increasing demand for clean electricity. Solar and battery projects are particularly attractive as they offer flexibility, reliability, and cost-effectiveness in a changing energy landscape.
PCRE has been growing rapidly in recent years, expanding its presence in Ireland and entering the US market through acquisitions and partnerships. In Ireland, PCRE has secured contracts to build 1.5 gigawatts of solar and battery projects under the government’s Renewable Electricity Support Scheme (RESS), which aims to increase the share of renewable energy in the country’s electricity mix to 70% by 2030.
In the US, PCRE has acquired a 2 gigawatt pipeline of solar and battery projects from TerraForm Power, a subsidiary of Brookfield Renewable Partners, one of the world’s largest renewable energy investors. PCRE has also formed a joint venture with EDF Renewables North America, a unit of the French utility giant, to develop and operate solar and battery projects in the US.
PCRE’s main competitors in the UK include Lightsource BP, Octopus Renewables, Foresight Group, and NextEnergy Capital1. PCRE’s main competitors in Ireland include Statkraft, ESB, Bord na Mona, and Highfield Energy. PCRE’s main competitors in the US include Sunrun, SunPower, Tesla, and NextEra Energy.
Given the strong interest and appetite for renewable energy assets in the market, PCRE may attract bids from strategic players, financial investors, or infrastructure funds looking to expand their portfolios or enter new geographies.
