Danish renewables giant, Orsted, has announced a partnership with Irish clean energy company, Terra Solar, to develop a portfolio of solar energy projects in Ireland. The 400-megawatt portfolio is expected to power approximately 90,000 homes in the country. The financial details of the partnership were not disclosed.
A Key Component of Ireland's Climate Action Plan
The solar energy projects are scheduled for completion before 2030, aligning with the Irish government's target of establishing 8 gigawatts of solar energy as part of its Climate Action Plan. Orsted is focused on supporting Ireland in achieving its renewable energy goals.
Extending Orsted's Renewable Energy Presence in Ireland
Orsted is already actively involved in the renewable energy sector in Ireland. The company currently operates 378 MW of onshore wind projects across the country and has two solar farms under development. Additionally, Orsted has plans to expand its portfolio by building offshore wind projects in Ireland.
Expansion Beyond Ireland - UK Solar Plant
In addition to the solar projects in Ireland, Orsted recently announced the construction of its first solar plant in the United Kingdom. The plant will have a capacity of 740 MW and will feature battery storage facilities. This new facility is expected to provide clean energy to approximately 200,000 homes.
Orsted's Impressive Renewable Energy Footprint
Orsted's commitment to renewable energy extends beyond just Ireland and the UK. The company already boasts an impressive renewable energy portfolio, with over 5.7 GW of onshore renewables either in operation, under construction, or consented across various locations in Europe and the U.S.
Outlook and Challenges
While Orsted continues to expand its renewable energy projects worldwide, the company has faced challenges in its U.S. offshore wind portfolio. Due to supply chain issues, rising interest rates, and a lack of tax credits, Orsted has warned of potential impairments of $2.3 billion.
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