August 11 (SeeNews) - Lightsource Renewable Energy says Ireland could turn into a 1.5-GW solar market in the next five years and the UK-based solar power company is planning to invest several hundred million euros there.
Nick Boyle, founder and CEO of Lightsource, told the Irish Independent on Monday that the total amount to be invested would very much depend on the consultation process on renewable energy, which is currently in progress. There have been reports stating the company is planning to spend about GBP 500 million (USD 779m/EUR 710m) to build an Irish solar power fleet.
At the end of 2014, Ireland had just 1.1 MWp of solar photovoltaic (PV) capacity, according to a report by the EurObserv'ER. Estonia is the only EU member state that has even less solar installed.
Boyle was cited as saying that if the Irish market gets the funding it needs, it could reach 1.5 GW by the end of the decade. “[Lightsource] would be very disappointed if we were not the owners of several hundred megawatts,” he told the Irish Independent.
(GBP 1 = USD 1.557/EUR 1.419)