Energia is to invest over €3bn over the next five years to build up to 1.5GW of new renewables generation across Ireland.
The utility will spend the money on onshore and offshore wind and solar power, as well as hydrogen fuel generation, bio energy and the smart grid.
Some 200 jobs will be created as part of the ‘Positive Energy’ strategy with around 5000 related construction roles during the lifetime of the plan.
Energia published details of its plan, which is supported by owner infrastructure investor I Squared Capital as it opened a new office in Blanchardstown in Dublin.
“This is a proud day for Energia Group and an important milestone as we celebrate twenty years serving in the deregulated energy markets across the island of Ireland,” said chief executive Ian Thom.
“To date we have invested over €1bn in the Irish energy market, driving developments to meet the needs of a high performance economy and society, north and south.
“Our decision to invest over €3 billion in renewable technology and energy infrastructure in the coming years is a clear signal of our intent to build on our continuous commitment to Irish communities, the economy and the sustainability of Ireland’s energy supply while contributing decisively to decarbonisation and the protection of our domestic and global environment.”
Irish energy minister Richard Burton said the investment shows there is a “huge opportunity” in the market after the government committed to a 70% renewable electricity target for 2030.
“This investment by Energia, will boost Ireland’s capacity, with over €3 billion being invested in onshore and offshore wind, solar, hydrogen fuel generation and bio-energy facilities,” he said.
“Energia’s decision to build on its existing commitment and expand so significantly in Ireland shows the huge opportunity that is available to the sector in a decarbonised society.”
Energia currently supplies over 1.2GW of renewables to the all-Ireland market.