Capital Stage has entered into a partnership with Ireland’s Strategic Invesment Fund, and the two are set to pour around €140 million into PV projects. The two will invest in a portfolio of solar parks owned by Irish developer Power Capital, which consists of solar plants currently in development, with a total capacity of 140 MW.
Power Capital’s planned solar parks are located in eastern and southwestern Ireland. Power Capital will develop 20 individual PV plants, each between 5 MW and 25 MW in capacity, for a total of 140 MW. According to Capital Stage, construction permits have already been granted for 110 MW of the projects, with the remaining capacity expected to receive permits in the first quarter of 2018.
Ireland is looking to cover 40% of its electricity demand from renewable sources by 2020, and the Dublin Government is expected to release a new subsidy system for PV, wind and others to support this goal. According to a study conducted by KPMG, more than 3.7 GW of solar could be deployed in Ireland by 2030.
Thanks to this, Capital Stage sees great potential in Ireland’s PV market. “The Irish renewable energy market offers significant opportunities,” says Capital Stage CEO Dierk Paskert. “Multinational and local corporates with growing demand for green energy will be served by the partnership, be it directly through power purchase agreements, or indirectly via the regulated market.”
“ISIF is delighted to be partnering with an experienced renewable energy investor such as Capital Stage, to support the development of the nascent Irish solar energy sector,” adds ISIF Head of Innovation and Special Investments Paul Saunders. “This partnership supports Ireland’s continued transition to a low carbon economy against a backdrop of Ireland possessing a solar resource similar to that in southern UK and northern Germany where solar energyhas delivered steady returns for institutional investors.”