Orsted has acquired its first solar project in Ireland, consisting of a 65MW development from Terra Solar.
The Ballinrea solar project is located in Cork and is expected to be operational in 2025.
Kieran White, Vice President of Europe Onshore at Orsted, said: “The transaction marks a significant milestone as it’s the first Irish solar project acquisition for the company.
“This project will make a meaningful contribution to Ireland’s national energy target of 80% renewable electricity by 2030 and to the Irish government’s new 5.5GW solar target.
“We’re delighted to work with Terra Solar to accelerate our solar journey in Ireland.”
Ballinrea will contribute to Orsted Onshore’s ambition to grow its global portfolio to a 50:50 wind and solar PV capacity mix towards 2030.
With its recent acquisition of Ostwind, Orsted has entered the French and German solar markets, adding to its ambitions to develop a substantial portfolio of solar projects in Spain together with four local partners, announced in June this year.
Globally, Orsted has around 5GW of capacity in operation and under construction across onshore wind, solar, and storage, of which 1.3GW is solar.
The developer said it is on track to reach a total of 17.5GW onshore capacity globally by 2030.