Business

Irish energy group Circal gets €15 million investment for sustainability projects

Deal reached with energy investment firm Octopus Energy Generation which manages more than 230 green energy projects across Europe

Sean Manley, chief operating officer at Circal with chief executive Bill Sadlier. Photograph: Fennell Photography
Sean Manley, chief operating officer at Circal with chief executive Bill Sadlier. Photograph: Fennell Photography
Fiona Keeley
Fri Sept 27 2024 - 11:45

Irish energy storage development group Circal has secured €15 million in new funding to invest in their onshore green solar projects.

Bill Sadlier, chief executive of Circal, said the company is currently engaging with landowners who will be impacted by the construction and operating phase of the projects.

The €15 million injection is coming from energy investment firm Octopus Energy Generation which manages more than 230 green energy projects across Europe.

It opened an office in Dublin last year and currently manages 260 megawatts of solar and wind farms in Ireland.

READ MORE

On an international scale it manages 3.8 gigawatts of sustainable energy projects across 15 countries worth £7 billion (€8.4 billion).

The company is part of an umbrella organisation, Octopus Energy Group, which covers electric vehicles, energy for businesses and a technology platform called Kraken built specifically for the energy sector.

Mr Sadlier said the investment will allow Circal to invest in solar projects to help decarbonise the Irish economy. He praised the vote of confidence in creating sustainable energy solutions saying, “clean energy is the future of power generation”.

“This strategic investment and partnership with Octopus Energy Generation reflects our shared vision of a future powered by renewable energy.”

This investment will further Circal’s current sustainability projects in Ireland, where it has seven projects under development, focused in counties Meath, Limerick, Cork and Galway. It also has four projects in the US.

The company is working with landowners “to bring those projects to life” over the next number of years, said Mr Sadlier.

Circal was founded by Bill Sadlier and Sean Manley and the reason the company is focusing on onshore projects is that “those projects can be developed with lowest cost,” said Mr Sadlier.

Many of the projects are located near high areas of demand “so we are actually using the Irish grid as efficiently as it possibly can be used”, he said.

Circal has also developed software to show what areas are most likely to benefit from the development of green projects and make the company aware of any risks it can plan for. However, none of the investment received will be going toward the development of this software.

Over the past 20 years, Circal has invested €4 billion across Europe and the US in different green energy projects.

  • Sign up for the Business Today newsletter and get the latest business news and commentary in your inbox every weekday morning
  • Opt in to Business push alerts and have the best news, analysis and comment delivered directly to your phone
  • Join The Irish Times on WhatsApp and stay up to date
  • Our Inside Business podcast is published weekly – Find the latest episode here
Business Today

Business Today

Get the latest business news and commentary from our expert business team in your inbox every weekday morning