Capitalflow was delighted to attend the 2022 Solar Conference in Ireland this year held in Croke Park. With 400 delegates and representatives from industry and government, there was certainly a feel of busy excitement at the event. Engineers, consultants, installers, lawyers, funders, insurers, policy makers, politicians were all collaborating and sharing ideas, ambitions, and opportunities on the day.
They say timing is perfect - and the timing for the solar industry has certainly arrived and moving into mainstream – given government policies and supports to reduce carbon emission on one side (demonstrated through planning changes, grid connectivity, increased licensing, and government grants) and with the problem on the other side that we are all facing with increased fossil energy costs.
It’s estimated that Ireland will need to invest €30bn in the coming decades to achieve its carbon reduction targets – and we are behind on our goals. An eye-watering change but one we must achieve.
There are many challenges (supply chain, installation resourcing, legislative frameworks, and funding) to overcome on this journey. We are merely in the first mile of a marathon to achieving the carbon neutral goals set out by our policy makers, with a huge shift and adoption required in the coming decade.
We heard today about innovative approaches to rolling out extensive solar projects including innovative Power Purchase Agreements for businesses led by leading lawyer in this space, Garrett Monaghan of Pinsent Mason. These projects are examples of service innovation whereby customers exchange their roof space for renewable electricity offered at rates that are significantly less than current market rates.
The Capitalflow team is doing their bit too - and has this year launched its own green business loans for commercial customers, and solar panel loans – allowing SMEs lease their solar equipment at competitive rates. Working with a number of high-quality solar solution vendors, Capitalflow intends to lend €10m in the coming 12 months to support solar adoption and energy efficiency, working in partnership with the Strategic Banking Corporation of Ireland (SBCI) through the Energy Efficiency Loan Scheme (EELS).
EELS is made available by the SBCI, with the support of the European Investment Fund (EIF), further details can be found on the SBCI Website.
The industrious excitement within the solar industry reminds us of the telecoms and internet market that grew blossomed through the 90s, as that market deregulated and opened to more competition and innovation. There are over a million roof tops in Ireland across Commercial and Residential units that in the coming decades may transform to micro power generating assets. A mere 25 years ago, we didn’t have WIFI – today most homes have a dozen or more WIFI connected items. In 25 years, most homes and businesses in Ireland will have invested directly or through innovative PPA agreements to generate renewable energy – good for the environment, good for our costs.
More information on Capitalflow's Green Business Loans and Solar Panel Loans here
or Contact Us Directly:
Capitalflow - Stephen Byrne, Head of Partnerships and Distribution sbyrne@capitalflow.ie, 0866259000
Pinsent Mason – Garrett Monaghan, Partner, garrett.monaghan@pinsentmasons.com, +353 1 553 8634
