Kilkenny businessman Paschal Phelan good as he strikes it rich in the sun
A WELL-KNOWN businessman who lived and worked in Kilkenny for years is striking it rich in the sun.
Phelan Energy, a renewable energy developer run by Paschal Phelan, has agreed a financing deal for a €113 million solar project in South Africa, the Sunday Times reports today.
The company said its subsidiary, Solar Capital, finalised the deal on its third big plant in South Africa in December.
Standard Bank of South Africa was the lead arranger of the $100m project debt. Construction work is set to begin at site in Loeriesfontein in the second quarter of this year.
Phelan Energy said the plant would generate enough electricity to power more than 50,000 homes.
Although his family is originally from Co Laois, Paschal Phelan lived in Kilkenny for several years. He made his fortune exporting beef before moving to Cape Town in 2002.
Over the past few years, his energy company has built solar projects around the world. He moved the international headquarters of Phelan Energy to Ireland last year.
On the company’s website, Phelan outlines his ambitious plans “continue growing the organisation internationally” by focusing on markets in Africa, the Middle East, Asia, Eastern Europe and Latin America.
Last month the company began the operation of a 70 megawatt solar project in India.