Statkraft confirms acquisition of five solar farms

Statkraft Ireland has confirmed that it has completed the acquisition of five fully permitted solar projects with a combined capacity of 275MWp from Lightsource bp, a global leader in the development and management of solar energy projects.

The projects are located in counties Meath, Laois, Tipperary and Cork. The acquisition is the latest in a series of transactions which Statkraft Ireland has made in the renewable energy sector since 2018.  

Statkraft Ireland Managing Director, Kevin O’Donovan stated:

“One of the projects which we have acquired from Lightsource, namely Blundelstown in Meath, was actually successful just last month, in RESS-1. The outcome of that particular auction was hugely encouraging and has given us at Statkraft, the platform we need to increase the rollout of green energy projects in Ireland thereby decarbonising the grid and playing our part in helping to meet critical Climate Change targets. We are already quite advanced in developing the construction programme to deliver these RESS-1 projects.

We are very pleased to be adding to our rapidly-expanding portfolio with this suite of projects which dovetail perfectly with our ongoing efforts to reduce Ireland’s dependence on fossil fuels. Lightsource bp has an established track record and as such, the high quality of each development rendered this bundle of solar farms, an extremely attractive proposition for us."

In Ireland’s first competitive auction under the Government’s new Renewable Electricity Support Scheme (RESS-1) last month, Statkraft secured contracts for over 330MWs of renewable power including two wind projects (57MW) and two solar projects (276MWp). Since Statkraft entered the Irish market exactly two years ago, it has placed great emphasis on developing a diverse portfolio of renewable energy including onshore wind energy, battery storage, solar energy, offshore wind energy and grid service solutions. Acquisitions have been funded exclusively from Statkraft’s own financial reserves.

The company expects to be making an investment decision in the coming months to construct the Blundelstown project. As is the case with all its other ventures in the Irish market, the company will develop, establish a route to market and build this project providing the necessary finance from its own resources.

Lightsource bp CEO for Europe and International, Kareen Boutonnat said:

“We have been active across the island of Ireland for many years, having developed and connected the first utility scale solar projects in the North some years ago and have been progressing projects in the Republic since 2015. We are delighted to enter into this agreement with a company of the calibre and profile of Statkraft. We continue to be fully committed to developing Ireland’s utility scale solar market and assessing future opportunities.”

The portfolio comprises:

• Blundelstown Solar Farm, Meath
• Harristown Solar Farm, Meath
• Ballymacadam Solar Farm, Tipperary
• Loughteague Solar Farm, Laois
• Monatooreen Solar Farm, Cork