Pinergy's Solar Energy Fund Targets Hospitality Sector
Clean energy supply & solutions company Pinergy has announced the launch of a €30 million fund to accelerate the delivery of solar energy to businesses across the country.
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 solar PV installations on their clients' commercial properties with no capital outlay for the business. The client will agree to a Power Purchase Agreement (PPA) with Pinergy to buy electricity generated by the solar panels at a lower cost than prevailing prices from the grid. When the €30 million fund is fully taken up, the renewable energy generated would meet the equivalent needs of 7,000 typical homes, reducing demand on the grid.
This newly 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 €30 million 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 a 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 that 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 and reduced energy prices for the next 25 years."
For more sustainable finance news
Source: Hospitality Ireland
