Orsted, a renewable energy developer, acquired 65 MW of the Ballinrea solar PV project in Ireland from renewable energy developer Terra Solar. The 65 MW solar project will be located in Cork, the second-largest city in Ireland, and is expected to be operational by 2025.
Ballinrea solar project is expected to generate enough green energy to power up to 16,000 Irish homes.
The solar project will contribute to Orsted Onshore’s ambition to grow its global portfolio to a ~50:50 wind and solar PV capacity mix towards 2030. With the company’s recent acquisition of Ostwind, Ørsted entered the French and German solar markets, adding to its ambitions to develop a substantial portfolio of solar projects in Spain together with four local partners, announced in June this year.
Kieran White, Vice President of Europe Onshore in Ørsted, says: “The transaction marks a significant milestone as it’s the first Irish solar project acquisition for the company. This project will make a meaningful contribution to Ireland’s national energy target of 80 % renewable electricity by 2030 and to the Irish government’s new 5.5 GW solar target. We’re delighted to work with Terra Solar to accelerate our solar journey in Ireland.”
MET Group, an integrated European energy company, recently acquired a 100% stake in 60 MW of greenfield photovoltaic development project from TOREN Spolka Aksyjna, a polish renewable project developer in Poland. With this acquisition, MET Group is growing its European renewables portfolio by expanding into the Polish market.
According to Mercom’s 1H and Q2 2022 report, 66 large-scale solar project acquisitions in Q2 2022 compared to 82 transactions in Q1 2022. Cypress Creek Renewables, a project developer and an independent power producer, acquired a 100 MW solar transmission project from Carson Power, a solar and storage developer. The project is in Rochester, New York, U.S., currently in the early stages of development and is expected to be operational by 2026.