Danish renewable energy company Ørsted acquired the 160 MW Garrenleen solar project from solar project developer Terra Solar in Ireland.
The terms of the acquisition were not disclosed. Ørsted already operates 360 MW of onshore wind in Ireland. This is the company’s second solar project acquisition in Ireland, and it will power up to 56,000 homes annually, making it one of the largest solar farms in the country.
The 65 MW Ballinrea development was Ørsted’s first solar acquisition from Terra Solar – (which it) completed last year.
Subject to Ørsted’s final investment decision, phase 1 (81 MW) will be completed in 2025, with phase 2 (79 MW) expected to be completed in 2026. Located 15 km outside Carlow in the southeast of Ireland, the project will contribute to Ørsted’s global goal of reaching 17.5 GW of onshore capacity by 2030. Ranked as one of the world’s most sustainable energy companies, Ørsted employs 100 people in its Irish headquarters in Cork City.
TJ Hunter, Senior Director for Onshore Ireland & UK in Ørsted, said: “Ørsted is committed to multi-technology deployment, investing in a variety of renewable energy sources to ensure reliability and independence of supply. Once completed, the two phases for this solar project will have a combined capacity of 160 MW, making it one of the most significant solar farms in the country.”
In September 2022, Orsted secured a €500 million (~$582 million) loan from the European Investment Bank (EIB). The agreement will support its capital expenditure on renewable energy projects and the conclusion of the Borssele 1 and 2 wind farms off the Dutch coast. The wind farms will receive a long-term financing commitment from EIB.
According to Mercom Annual and Q4 2022 Solar Funding and M&A report, 268 large-scale solar project acquisitions were recorded in 2022 compared to 280 in 2021. In 2022, about 66 GW of solar projects were acquired, with project developers acquiring the most, reaching 35.7 GW. CEE Group, a German-based asset manager, recently acquired a 53 MW solar project in the Netherlands from BayWa r.e., a subsidiary of Munich-based BayWa.