Obton and its Irish partner Shannon Energy has confirmed it will double its investment in the Irish market, bringing their total portfolio and pipeline of projects in the country to a total value of 750 million.
Obton has confirmed it is set to double its investment in the Irish solar energy market, as they plan to expand their portfolio and solar energy projects in the country to reach a total capacity of 1 Gigawatt (GW) by 2026.
The major investment boost, from Danish solar photovoltaic (PV) business Obton and its Irish partner Shannon Energy, will see the total value of their portfolio and projects reach an investment of 750 million in the sector in Ireland over the next five years.
It is anticipated that the significant expansion will also mean the number of jobs their venture in the Irish market will create is set to rise to 2,000 over the coming years. These roles will largely be created during the construction phase.
This major expansion from the Danish-Irish partnership comes just over a year after they entered the market here in January 2020 with plans to develop up to 500 MW of solar projects, which would have represented an investment of 300 million euros.
The partnership between Obton and Shannon Energy is one of four joint ventures the Danish investment fund has in Europe. Private equity fund FSN Capital last year purchased a 45 percent stake in the Obton Group. Last year the Danish-Irish partnership submitted 11 solar projects in the first round of the Irish Government’s Renewable Electricity Support Scheme (RESS) and were subsequently awarded contracts for all of these projects.
The projects are located in eight counties around the country, including sites in Wexford, Waterford, Cork, Longford, Galway, Offaly, Meath and Tipperary. The combined 118 MW of power generated will be enough to fulfil the yearly energy requirements of up to 20,000 households.
Construction will begin this June on Obton and Shannon Energy’s first project - Horsepasture, an 8 MW solar park located in Clonmel, County Tipperary. This project will have nearly twenty thousand solar panels deployed and connected to the National Grid, with energisation scheduled for next Christmas. The project will kick-off the Obton contribution to the National Climate Plan for halving carbon emissions by 2030.
“We are delighted to announce our expansion and increased investment plans for Ireland, as it represents our enhanced commitment and ambitions for the sustainable energy market in this country” said Anders Marcus, CEO of Obton. “Our partnership with Shannon Energy has successfully facilitated our investment in the Irish market and we look forward to continuing to expand the role of solar as part of the Irish Government’s ambitious objective of having 70 percent renewal energy by 2030.”
Gerry Shannon, Chairman of Shannon Energy, added that as well as creating jobs and a clean source of energy, the investment boost also injects huge confidence into Ireland’s green credentials.