Sat. Sep 23rd, 2023
    Orsted Partners with Terra Solar to Develop 400 MW Solar Energy Projects in Ireland

    Orsted, a Danish renewable energy company, has announced a partnership with Irish clean energy firm Terra Solar to develop a 400-megawatt (MW) portfolio of solar energy projects in Ireland. These projects aim to power around 90,000 homes in the country. The financial details of the partnership have not been disclosed.

    The development of these solar energy projects aligns with the Irish government’s Climate Action Plan, which aims to build 8 gigawatts (GW) of solar energy by 2030. Orsted’s projects are targeted for completion before this deadline.

    Orsted already operates 378 MW of onshore wind projects in Ireland and has two solar farms currently in development. In addition, the company has plans to build an offshore wind portfolio in Ireland.

    This announcement follows Orsted’s recent decision to construct its first solar plant in the United Kingdom. The UK solar farm, along with its associated battery storage, will have a capacity of 740 MW and will provide electricity for approximately 200,000 homes.

    Orsted has a significant presence in the renewable energy market, with over 5.7 GW of onshore renewables in operation, under construction, or consented across Europe and the United States.

    However, the company recently highlighted potential risks to its US offshore wind portfolio, including supply chain issues, high interest rates, and a lack of tax credits. These risks could lead to potential impairments totaling $2.3 billion.

    – Orsted and Terra Solar partnership
    – Irish government’s Climate Action Plan
    – Orsted’s announcement on the UK solar plant
    – Orsted’s renewable energy portfolio

    (Note: The source article contains information from Oil Price Information Service, which is operated by Dow Jones & Co. The content was created by Abdul Latheef, alathe[email protected], and edited by Michael Kelly, [email protected].