Solar power in Ireland to receive €500m investment boost
11 August 2015
Lightsource Renewable Energy has announced it is to invest significant resources and expertise in Ireland for the development of solar power installations. It has been reported that the company is planning to invest up to €500 million to develop solar farms across Ireland.
As part of the investment, Lightsource has planned a period of intensive engagement with businesses, schools and local communities across the country. It will bid to strengthen local economy and supply chain with industry expertise and cheaper electricity.
“We are excited by the opportunity for solar power in Ireland. Lightsource is committing significant financial investment and resource towards realising this opportunity,” said Nick Boyle, Lightsource’s CEO.
“Any risks associated with the development of these solar projects, including installation costs, will be borne by Lightsource. This commitment will not only add to sustainable electricity generation in Ireland, it will also strengthen the local economy and supply chain,” he added.
Boyle believes that the investment will have a positive impact on communities around the country. “Our ground-mounted solar projects will provide much-needed land diversification for farming enterprises, and our rooftop systems will enable schools, businesses and community buildings to reduce overhead costs. It really is a win-win for local communities.”
By 2030, 27 per cent of Ireland’s energy will need to come from renewable sources, according to the government. Over the coming months, the European Union will announce new renewable energy targets for member states. In its report published in February, the Sustainable Energy Authority of Ireland said Ireland’s 2013 renewable energy production contributed 7.8 per cent of the country’s final energy demand, putting Ireland almost halfway towards the target set of 16 per cent under the EU’s Renewable Energy Directive by 2020.
The government will shortly publish a new Energy Policy 2015-2030. Earlier this month, US President Barack Obama announced a major climate change plan, and called on energy users to shift from traditional fossil fuels to cleaner alternatives, including solar power.
“The benefits from solar power are very immediate and tangible. Farmers and landowners can continue their agricultural activities by grazing small livestock around ground-mounted panels. With rooftop installations, our customers have experienced more than a 60 per cent reduction in daytime electricity costs,” said Boyle.
According to Lightsource, with proper incentives, solar can deploy 1.5 gigawatts of generating capacity by 2020 (which is enough sustainable and clean electricity to power more than 495,000 local households), meeting more than five per cent of Ireland’s electricity demand.
“We have always been focused on building long-term relationships as we are the lifetime operator of all our projects. With an office in Dublin and locally employed staff, we will provide investment, expertise and support to businesses and local communities looking to reap the rewards of solar power,” concluded Boyle.http://www.engineersjournal.ie/2015/08/11/solar-power-in-ireland-to-receive-e500m-investment-boost/http://www.engineersjournal.ie/wp-content/uploads/2015/08/Solar-Power-Lightsource1.jpghttp://www.engineersjournal.ie/wp-content/uploads/2015/08/Solar-Power-Lightsource1-300x300.jpgNewsenergy,investment,Ireland,renewables,solar