Phelan Energy Group

Leading European Energy Financier joins Phelan Energy Group

Press Release:

Mr. Jon Dyar Boles, one of Europe’s leading experts in renewable energy finance and development has joined Phelan Energy Group as Head of International Funding based out of the recently opened Phelan HQ in Dublin, Ireland. Mr. Boles, aCFA Charterholder, has arranged over USD 10 billion of financing for energy and infrastructure projects globally as a banker, in industry and in investment management. He joins Phelan from KGAL, the German institutional asset manager and renewable energy investor, prior to which Mr. Boles held leadership positionsat Fjord Capital, the cleantech and renewable energy investor and E.ON, the global utility based in Germany.

Mr Boles: “I’m very excited to be joining a top-flight team delivering sustainable energy in markets where it makes a real impact.

“Having lived on three continents and financed energy on two more, I’m convinced about the growth potential in the Phelan Energy Group’s commitment to lowest-cost utility-scale solar development.”

Phelan is a world leader in low cost solar energy development with an exclusive focus on utility scale Solar PV, havinginvested and executed over €3 billion of solar Power Sales Agreements with major government owned 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 EMEAA and a pipeline in excess of one gigawattin various global markets.

Paschal Phelan, Chairman of Phelan Energy Group, points out that solar investment has grown exponentially in the past 5 years. Bloomberg Clean Energy forecast that the installed capacity of solar power internationally, would further grow five-fold over the next ten years. Phelan recently forecast that the price of solar modules will halve again, within the next five years, to US$0.15 cents a kWh. “The energy world will change, however the sun will shine with normal regularity, and the price of solar electricity will drop a further 30% within the coming years,” Phelan added.

The Phelan vision is to continue to achieve the lowest cost of solar energy in the world.

“We are totally focused on implementing leading edge technology, optimal design &project management, and innovative funding, together with a proprietary Cost to Power financial planning, whilst at the same time delivering high quality long-term plant performance.”

Phelan added: “We have decided to relocate our International Headquarters to Dublin 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”.


Mr. Jon Dyar Boles:

Jon is passionate about the transition to sustainable energy and brings a wealth of financial skills and intercultural management experience to Phelan Energy Group.

Following studies in international relations and training as a banker, Jon advised on and arranged financing for numerous energy and infrastructure projects at Dresdner Kleinwort Wasserstein, the investment bank, living in and working from Frankfurt, São Paolo and Buenos Aires.

Moving to industry, he joined E.ON, the global utility based in Germany, where he led the continental European treasury and financing activities and established the global structured finance team.  Jon then directed the integration of E.ON’s Italian operations, spanning theenergy value chain from generation to supply, and served as Chief Financial Officer and Chairman of the Risk Committee in the Italian market unit.

Following his developing interest in climate change and mitigation strategies, Jon joined Fjord Capital in London, a cleantech and renewable energy investor, as partner and CFO, working with a number of early- and growth-stage companies on strategy, finance and fundraising. Most recently, he served as director of sales for the Nordic and UK markets at KGAL, a German institutional asset manager with a EUR 1bn portfolio of renewable energy investments across Europe.

Jon is a CFA Charterholder and speaks fluent English, German, and Italian and excellent Portuguese and Spanish as well as French. He is married and has two children.


About Phelan Energy Group

Phelan Energy Group is a world leader in low cost energy development with an exclusive focus on Solar PV. PEG commenced operation in South Africa 10 years ago, and is led by a dynamic international development team of 90 executives, with 12 different nationalities.It has a total of one gigawatt of installed capacity and development pipeline, with a large and growing international footprint. When completed, its key solar installation in South Africa, at 175 MW, was the largest solar farm in the southern hemisphere. Apart from its new International HQ in Dublin, PEG has offices in Cape Town, New Delhi, Buenos Aires, Amman, Dhaka and Sydney. Its Cape Town office will continue to develop opportunities in Africa. New Delhi is the location of its International Center of Excellence for Technology development and Project construction.

Paschal Phelan is the founder and the Executive Chairman of the Phelan Energy Group Ltd. Its South Africa subsidiary, Solar Capital (Pty) Ltd, is the largest privately-owned photovoltaic developer in Africa with a core vision of stewardship and responsibility for our environment.


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