Ireland invests €140 million into solar power
The Irish Investment Fund (ISIF) has announced a partnership with the German solar and wind park operator Cappital Stage AG. The partnership will invest in a portfolio of solar parks owned by Irish developer Power Capital, which consists of solar plants currently in development, with a total capacity of 140 MW.
Power Capital, based in Dublin gained planning permission for most of the sites last year. The parks will be located in eastern and south western Ireland, at a cost of €140 million Euro.
The Irish government has committed to generating 40% of its electricity from renewable energy sources by 2020. This is the first time that the Ireland Strategic Investment Fund (ISIF) has invested in solar energy, the announcement stated:
“ISIF is delighted to be partnering with an experienced renewable energy investor such as Capital Stage to support the development of the nascent Irish solar energy sector,” said Paul Saunders, ISIF head of innovation and special investments.
Capital Stage chief executive Dierk Paskert said the partnership will serve multinational and local corporates with growing demand for green energy, either directly through power purchase agreements (PPAs), or indirectly via the regulated market.