A total investment of €260m will boost clean electricity generation, reduce reliance on imported energy and support the delivery of 2030 climate targets, said the Government.
The European Investment Bank (EIB) will support the construction and operation of four new utility-scale solar photovoltaic projects across Ireland via a €100m project finance loan to Dolmen Solar Ltd, a holding company of Power Capital Renewable Energy.
The overall investment – which, in total, will be worth €260m – will see four new solar power operations developed in Clare, Wicklow, Wexford and Tipperary, generating around 367GWh of clean electricity per annum, which is equivalent to the annual consumption of roughly 79,900 households. The funding and development is also expected to create new jobs in construction, civil works, grid connections and maintenance services.
The scheme is among the largest single solar investments financed in Ireland to date and could contribute significantly to Ireland’s target of 80pc renewable electricity by 2030, as well as see out the national ambition for roughly 8GW of installed solar capacity under the Renewable Electricity Support Scheme.
Ballinaclough, Co Wicklow will host a 15.5MWp solar farm, with construction expected to start this month. Tullabeg, Co Wexford will be home to the largest scheme in the portfolio – a 181.6MWp plant – and construction is planned from April.
In Tipperary, Barnaleen-Cauteen will be the site of a 98MWp farm, and construction is expected to begin this month. Lastly, in Clare, Manusmore near Ennis is earmarked for a 99.5MWp plant, with construction also expected to commence in March.
Work on some of the projects will run into 2028.
Commenting on the investment, the Minister for Climate, Energy and the Environment Darragh O’Brien, TD said: “Ireland is sometimes seen as an unlikely home for solar power, but projects like this show how quickly that perception is changing and how strong the investor appetite now is for Irish renewables.
“This is a very welcome €260m investment, spread across Clare, Tipperary, Wicklow and Wexford, which will boost clean electricity generation right across the country, reduce our reliance on imported energy and support delivery of our 2030 climate targets. The European Investment Bank is playing a key role as a long‑term partner for Ireland’s energy transition”.
The EIB vice-president Ioannis Tsakiris added: “By backing Ireland’s first solar project financed on a pure project finance basis, the EIB is helping to unlock almost 400MW of new renewable capacity that will strengthen Ireland’s energy security and cut greenhouse gas emissions.”
In February of this year, SunArc, a renewable energy company based in Carlow, announced plans to create up to 50 new jobs as a result of a €20m investment into the organisation. The company offers a ‘solar-as-a-service’ model which it said is a significant step towards accelerating Ireland’s transition to clean energy.
SunArc has stated that the solar-as-a-service model will enable businesses to access solar power and energy independence with no upfront costs, removing what it believes to be one of the biggest barriers to solar power adoption.
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