Aer Soléir secures $250m equity funding commitment from US partner

Irish renewables firm was co-founded by former Mainstream Renewable Power CEO

Aer Soléir plans to invest in renewables projects across Europe

John Mulligan Twitter Email

April 04 2022 11:59 AM

IRISH renewable energy firm Aer Soléir, which was co-founded by former Mainstream senior executives Andy Kinsella and Manus O’Donnell, has received a $250m (€227m) equity funding commitment from US-based 547 Energy.

Houston’s 547 Energy, which partnered with Mr Kinsella last year to establish Aer Soléir, said the funds are earmarked for the Irish company as it identifies, invests in and guides major renewable energy assets.

The US company is the clean energy investment platform of private equity firm Quantum Energy Partners.

Aer Soléir plans to invest in and develop projects across Europe. It’s forming alliances with local partners to support and accelerate new opportunities to develop, construct, own and operate large-scale onshore wind, solar and energy storage projects.

There are currently 20 employees at Aer Soléir, who are actively sourcing development-stage projects.

Mr Kinsella is a former chief executive at the Eddie O’Connor-founded Mainstream Renewable Power, and also held senior positions at the ESB, General Electric and Siemens. Mr O’Donnell was chief investment officer at the family-owned NTR group and prior to that held senior financial positions at Mainstream and at Airtricity, which was also founded by Mr O’Connor.

Mr Kinsella is Aer Soléir’s chief executive, while Mr O’Donnell is its chief financial officer.

Gabriel Alonso, the chief executive of 547 Energy, said that the two Irish executives had assembled a team that will support Europe’s near-term renewable energy targets and ambition to transition to a clean energy economy.

“We are confident in Andy, Manus and the team’s ability to grow Aer Soléir into a leading European pure-play renewable energy developer, as the team works to develop the projects needed to transition to a clean energy economy.”

Before Russia’s invasion of Ukraine there was already a huge push towards green energy in Europe as the European Union targets carbon neutrality.

The war has intensified efforts to wean the European Union off gas from Russia and accelerate green energy projects.

A number of major offshore wind energy projects are planned off Ireland’s coasts, which could ultimately help the country to become a net exporter of electricity.

But industry group Wind Energy Ireland has warned that the first of Ireland’s major offshore wind platforms are still six years away from becoming operational due to planning and energy grid issues.