Ireland has opened the first auction bidding stage of its Renewable Electricity Support Scheme (RESS), following state aid approval of the initiative by the EU.
RESS is a competitive auction-based scheme that invites renewable electricity projects to bid for capacity and receive a guaranteed price for the power generated for a maximum of 16 years.
It will operate for a five-year period out to 2025 with an option to extend subject to evaluation with a series of auctions planned, depending on the pipeline of renewable electricity projects.
Minister for Communications, Climate Action and Environment Eamon Ryan (pictured) said: “RESS will provide us with a platform for rapid deployment of onshore and offshore wind and solar projects at scale and at least cost, replacing fossil fuels on our energy grid.
“It also offers communities the opportunity to produce their own power and share in the ownership of Ireland’s energy revolution.
“To date, onshore wind energy has been the most cost effective technology available to Ireland, however, to drive on and meet our renewable energy ambitions, other technologies such as solar and offshore wind will play a critical role in diversifying our renewable generation portfolio for the period out to 2030.”
RESS is designed to play an integral part in helping the country meet its 70% renewable electricity target by 2030.