Renewable energy company Ørsted has announced the acquisition of its first Irish solar project from developer Terra Solar in what it described as the strategic first step in its commitment to multi-technology deployment in Ireland across a variety of renewable energy sources.
Cork-based Østed has acquired the Ballinrea solar project located between Carrigaline and Cork city, construction on which is due to begin in 2024. Ballinrea is set to be operational by 2025 and will have capacity for 65MW, enough to power up to 16,000 homes.
The solar farm will bring the company closer to its target of it operating 17.5GW of onshore renewables by 2030. Terms of the deal were undisclosed
“For Ireland to ensure energy resilience and deliver its 2030 energy targets, it is essential that multiple technologies are delivered in tandem, from solar and onshore wind to offshore wind and storage," said Kieran White vice president of Ørsted Europe Onshore.
"This is a key priority for Ørsted, both in Ireland and overseas. Projects such as Ballinrea pave the way, but significant investment in our electricity grid is required to match the ambition of government targets, continue the push to net zero and ensure energy security long-term.”
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“The Ballinrea Solar Farm will make a meaningful contribution to Ireland’s national energy target of 80% renewables by 2030 as well as to the government’s new 5.5GW solar target.
"It will also enhance the climate neutrality of the region by generating power for 16,000 homes, which is also the number of new homes planned to be built in the city between now and 2028.”
It is Ørsted's latest acquisition following its purchase of the Brookfield Renewable Ireland business last June. Ørsted currently employs around 90 people in Cork city.
"“We are continuing to invest in our Cork-based team and development projects to grow our existing Irish operational asset base of 327MW. As well as the cost and security of energy, the ever-present climate crisis has never been more acute," White concluded.
"It is essential that government and stakeholders continue to work collaboratively with industry to ensure that it can deliver environmentally, socially and economically for Ireland.
"Issues such as long planning, licensing and judicial timelines, and access to adequate grid infrastructure continue to hold the renewable sector back.”
Accounts for Orsted Onshore Ireland Holdings Ltd, then known as Brookfied Renewable Ireland Holdings, show the company reported turnover of €3.7m and held net assets of €127.3m at the end of 2020, with an operating loss of €3.5m.
Photo: Kieran White.
