European renewable energy company Statkraft Ireland has acquired five solar power farms from project developer Lightsource BP. With a combined capacity of 275 MW DC, the five solar power projects are located across Meath, Laois, Tipperary and Cork. Financial details of the transaction have not been disclosed by the companies.
Statkraft Ireland managing director Kevin O’Donovan said: “One of the projects which we have acquired from Lightsource, namely Blundelstown in Meath, was actually won just last month, in RESS-1. The outcome of that particular auction was hugely encouraging and has given us at Statkraft, the platform we need to increase the rollout of green energy projects in Ireland, thereby decarbonising the grid and playing our part in helping to meet critical climate change targets. We are already quite advanced in developing the construction programme to deliver these RESS-1 projects.”
The acquired portfolio consists of Blundelstown Solar Farm and Harristown Solar Farm in Meath, Ballymacadam Solar Farm in Tipperary, Loughteague Solar Farm, Laois, and Monatooreen Solar Farm located in Cork.
Statkraft Ireland funded the acquisitions using its financial reserves. Additionally, the company plans to make an investment decision for the Blundelstown solar power project. The company has made similar deals in the renewable energy sector since 2018. In October 2019, Statkraft Ireland completed the acquisition of nine solar projects from JBM Solar in the country.
REGlobal’s Views: The future for solar in Ireland looks bright. With the cost reduction trend for PV continuing, and the expectation that future auction rounds will feature technology based caps to promote diversity in the energy mix, it feels like just a matter of time before solar finally makes a meaningful contribution to the Irish energy mix. Recongnizing this potential, Statkraft has been rapidly strengthening it position in the country.