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Obton JV in Ireland to pursue 500 MW of solar projects

Solar park in Emmeloord, the Netherlands. Source: Obton

January 8 (Renewables Now) - Denmark-based renewables investor and asset manager Obton plans to invest EUR 300 million (USD 333.9m) in the construction of solar power plants in Ireland in partnership with local firm Shannon Energy.

The two companies have set up a joint venture to develop projects with a combined capacity of up to 500 MW over five years. They have identified sites for a total of 150 MW in Cork, Galway, Longford, Tipperary and Westmeath counties and are discussing with farmers the acquisition of more land for the remainder of the planned capacity, Obton CEO Anders Marcus said, as cited by The Irish Times.

According to Marcus, Obton will contribute the majority of the cash, while its partner will handle much of the work on the ground. Marcus was also quoted as saying that the Irish government’s plan to introduce an auction-based renewable energy support system got Obton’s attention.

“Shannon Energy are delighted to have secured the financial strength for constructing Utility Scale solar projects in Ireland, through our partnership with Obton, and we look forward to securing the licences for our planned implementation in the upcoming Renewable Electricity Support Scheme (RESS) auctions over the next five year,” in turn commeted Noel Shannon, Shannon Energy's CEO.

Last month, the Danish group announced the launch of its biggest solar fund to date, targeting EUR 1.6 billion in sustainable investments. It said at the time that the so-called Impact fund will own solar parks in several countries, including Ireland.

(EUR 1.0 = USD 1.113)

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Browse all articles from Ivan Shumkov

Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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