Orsted and Terra Solar will develop a new 400 MW solar energy portfolio in Ireland
Denmark-based wind and solar power solutions provider Orsted on Monday announced that its new partnership with Terra Solar enables the company to enhance its solar pipeline in Ireland, with a 400 MW portfolio able to power 90,000 households.
The project is expected to be completed by 2030. It addresses several issues pertaining in Irish energy sector. First, the cost of electricity in Ireland is too high due to over-reliance on fossil fuels, the carbon intensity of Ireland’s electricity being among the highest in Europe. Besides, “Ireland has seen several amber alerts on warm summer days with low wind speeds,” says Orsted statement. Orsted’s total solar pipeline in Ireland will now total over 600 MW, the company added.
The new investment comes a few days after Orsted first solar project in the UK – One Earth – able to generate enough electricity to power up to 200,000 homes. It aims to create one of the largest solar farms with 740 MW capability and associated battery storage. One Earth will be co-developed in partnership with PS Renewables.
The expansion of European presence for Orsted comes amid the uncertainty in one of its major markets – the US. According to a recent report by the Financial Times (FT), investors have wiped about $11bn from Orsted group’s market cap since the company expects to write down the value of its US assets by a potential $2.3bn. This amount is equivalent to half of Orsted’s investment in the country’s offshore wind market.
Transitioning to renewable energy sources in many regions wouldn’t be easy if not for fintech. You can also check a list of Top Solar Fintechs.
