Phelan Energy Group has executed over €3 billion in Solar Power Sales Agreements with major government-owned international power utilities in the past 5 years. It is active with solar developments in 12 International markets, having 175 MW grid-connected in South Africa, 250 MW under execution in the Middle East and Asia and a pipeline greater than 500 MW in various global markets.
The Phelan subsidiary Solar Capital signed a 20-year Power Sale Agreement earlier this month, with a total value of €565 million for an 86 MW solar PV farm in Loeriesfontein, South Africa. Under the agreement, the power will be sold directly to the national utility, Eskom, with a sovereign guarantee from the South African Government. Phelan will also extend its community development program in South Africa’s Northern Cape, where it will now spend over €19 million annually. This Phelan Team has developed a program that leads various local social and economic initiatives which support the local disadvantaged communities in healthcare, social upliftment, job creation and in entrepreneurship development projects.
Phelan Energy Group ‘Phelan’ has recently moved its International Headquarters from Cape Town to Dublin, Ireland in order to accommodate easier access to its global developing markets. Phelan is a world leader in low-cost solar energy development, with an exclusive focus on Utility Scale Solar PV.
Paschal Phelan, Chairman and Sole Owner of the Phelan Energy Group points out that the opportunity for clean energy and solar energy have grown exponentially in the past 5 years. Bloomberg Clean Energy forecast that the installed capacity of solar power internationally will grow 5-fold over the next 10 years. Phelan added, “The 20-fold drop in silicone prices, together with significant improvement in electricity yields from solar cells, has caused solar power to be the lowest-cost electricity source in countries with reasonable sunshine. This has fostered a highly competitive environment in the manufacturing and production of solar technologies. Phelan Energy Group is a leader in the execution of these technological advances and in the installation of cost-effective, grid-connected solar farms on an international scale”.
In India, PEG has commenced construction of a 70 MW farm located in Bhaldla Solar Park with a PSA for 25 years with SECI, the solar power procurement arm of the Indian government, for a total value of €125 million. The Prime Minister, Narendra Modi, called the Phelan winning bid a ‘Historic Moment’, as the successful bid brought the price of solar electricity below that of coal power in India for the first time in history.
The Phelan vision is to continue to achieve the lowest cost of solar energy in the world. We are extremely focused on cutting-edge Technology, efficient Design & Project Management, together with a proprietary Cost-to-Power financial model, whilst at the same time delivering high-quality, long-term plant performance.
Phelan added, “We have decided to relocate our International Headquarters to Dublin in order to benefit from the large talent pool of determined, ambitious Irish youth, together with the opportunity to develop a base of competitive International Green Finance, for an international renewable energy market that requires funding of over €7 trillion in the next 20 years”.