Danish renewable energy multinational Ørsted has acquired a Co Cork solar farm in an agreement with renewable energy developer Terra Solar for an undisclosed sum.
The company said the solar project, its first in Ireland, was a strategic step in its commitment to multitechnology deployment in Ireland across a variety of renewable energy sources.
The Ballinrea solar farm, to be located between Carrigaline and Cork city, is expected to power up to 16,000 homes, with construction due to begin in 2024.
The project is scheduled to be operational by 2025 and will add a further 65MW of solar to Ørsted’s global goal of 17.5GW of onshore renewables by 2030.
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Ørsted’s Irish headquarters are based in Cork, where it employs 90 people.
The Ballinrea transaction follows its June 2021 acquisition of Brookfield Renewable Ireland (BRI), a business that develops, owns and operates onshore wind farms. The company’s agreement to take a 100 per cent interest in BRI was based on an enterprise valuation of €571 million.
“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, 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.”
Ballinrea Solar Farm will make “a meaningful contribution” to Ireland’s national energy target of 80 per cent renewables by 2030 as well as to the Government’s new 5.5GW solar target, Mr White added.
“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.”
Mr White said the company, which employs more than 7,000 people globally, was continuing to invest in its Cork-based team and development projects to grow its 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,” he said.
“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.”
