:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/QA7SZYX7UHA6A6JE6VPV4TUHIE.jpg)
Irish solar farm developer has sold a portfolio of 16 projects across Ireland with the capacity to generate 191 megawatts (MW) of electricity to German insurer Allianz and a group of institutional investors.
Elgin Energy, the company responsible for the largest ever sale of solar photovoltaic (PV) projects in the UK in 2022, said it would continue to provide services including asset management and optimisation to the portfolio on behalf of the buyers of the scheme.
Construction on the projects is due to begin next year and finish in 2024 and 2025. Some 14 out of 16 projects have secured contracts under the Government’s second Renewable Electricity Support Scheme (RESS 2), with the remaining farms contracted to supply energy to the national grid through RESS 3, which was launched earlier this year.
“What we meticulously planned and worked towards over the past three years is now being realised through this project with Allianz Capital Partners,” said Ronan Kilduff, chief executive of Elgin Energy. “We look forward to not only continue contributing to Ireland’s renewable energy landscape but also working on this project with Allianz Capital Partners for years to come.”
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/YG66U2GBZFHNBO7ZWJ46NZAEGU.jpg)
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/Z46DHGN45VBSROPKQBMKITRXDQ.jpg)
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/TWEBPEPUDZEQRELDKGMYXACTDU.jpg)
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/AEDKRMNA2X74GE2ODJSOJZEZV4.jpg)
It comes almost two years after Elgin, which has offices in Dublin and is controlled by Mr Kilduff through a UK-registered entity, sold 70MW of co-located energy storage capacity to Scottish Power Renewables, a subsidiary of global utility Iberdrola Group.
The group has a portfolio of projects in late-stage development totalling more than 14GW of energy generation in Ireland, the UK and Australia, where it has offices in Sydney.
- Sign up for Business push alerts and have the best news, analysis and comment delivered directly to your phone
- Find The Irish Times on WhatsApp and stay up to date
- Our Inside Business podcast is published weekly – Find the latest episode here
:quality(70)/s3.amazonaws.com/arc-authors/irishtimes/aaa54a68-9de3-4457-b494-a851b9a72787.png)
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/VR3765MFOBH2NMV2QNICYDF67M.png)