About Us
At Solas Capital, we provide specialised financing solutions for demand-side energy projects, bridging the gap between institutional investors and high-impact energy efficiency and behind-the-meter projects.
Unlike traditional renewable energy investments that focus on supply, we specialise in reducing energy demand at scale—an often-overlooked but equally important pillar to reach Net-Zero. We are based in Zurich, Munich and Dublin and operate across Europe.
At Solas Capital we firmly believe that the best energy is the one we don’t use.
Our Founders
The Origin Story
Solas Capital was founded in 2018 by Sebastian Carneiro and Paul Kearney, who identified a critical yet underserved niche in traditional project finance. With their combined expertise in renewable energy and energy efficiency, they recognised three emerging trends:
- demand-side efficiency would be equally crucial to achieving net zero as renewable generation
- these distributed projects required a standardised portfolio approach and
- the growing “energy-as-a-service” business model needed specialist financing solutions.
Pioneering Energy Efficiency Finance
The founders built Solas Capital to bridge the gap between institutional investors and high-impact energy efficiency projects, with a particular focus on the building sector—responsible for 40% of Europe’s energy consumption. Their vision is clear: mobilising institutional capital to enable zero-upfront cost energy efficiency projects is essential to accelerate adoption and meet our climate goals.
Both Sebastian and Paul firmly believe we can only reach net-zero if energy transition solutions are the most convenient and cost-effective options available. They recognise that innovative finance plays the pivotal role in removing cost barriers, transforming sustainability from an aspirational goal into the default practical choice.
A Brief History of Solas Capital
June 2017
Solas Capital is founded by Sebastian Carneiro and Paul Kearney
February 2022
First closing at €140m of the Solas Sustainable Energy Fund ICAV
November 2022
Final closing at €220m of the Solas Sustainable Energy Fund ICAV
May 2023
Solas Capital grows to 8 employees
December 2023
Solas Germany GmbH, with its offices in Munich, is founded
August 2024
€100m deployed of the Solas Sustainable Energy Fund
September 2024
BaFin license for investment advisory services is granted to Solas Germany GmbH
December 2024
Solas Capital wins Environmental Finance Impact Award for “Impact project/investment of the year: Infrastructure (not including renewables)
Meet the Solas Capital Team
The team has proven experience in structuring tailor-made financing solutions in the energy services sector. We are motivated and passionate energy efficiency experts, who have extensive experience in sustainable and impact investing. We have a relationship-based culture which fosters open communication and innovative thinking.
Sustainability
At Solas Capital, sustainability is not just a company goal — it’s woven into every investment we help create. Through our focused energy efficiency investment strategy, we drive measurable reductions in CO2 emissions, creating lasting environmental impact.
Our commitment to combating climate change extends beyond environmental metrics, it encompasses vital social dimensions including alleviating energy poverty, improving health and wellbeing, and creating new high-quality jobs.
We actively partner with intergovernmental organizations and private networks to advance sustainable finance practices and accelerate the transition to a low-carbon economy. Every investment we support is guided by an unwavering dedication to sustainability, reflecting our belief that financial returns and positive environmental impact can—and must—go hand in hand. We don’t just talk about sustainability; we live it and make it the cornerstone of our business approach.