The complex has a power purchase agreement with Microsoft

UK-based Octopus Renewables has paid €38m for a newly-completed solar energy farm in Co Meath that has a 15-year power purchase agreement with Microsoft.

It brings the number of solar energy farms the company has acquired this year in Ireland to five. Octopus now has the largest solar energy complex in Ireland.

Earlier this year, it paid €160m for four solar facilities from Statkraft, which had developed those projects under Octopus’ oversight.

It completed the acquisition of the sites at Ballymacarney in Co Meath once they were energised in December last year and was waiting for the fifth site to be energised before it was purchased. Those sites also have a power-purchase agreement with Microsoft.

“Together with the four nearby operational solar farms acquired by the company earlier this year, the five-site solar complex now totals 241MW and is the largest solar complex in Ireland and will meet around 2.5pc of the Irish national solar target of 8GW by 2030,” according to Octopus.

The acquisition of the five sites was backed by finance secured from Allied Irish Banks and La Banque Postale.

“This solar complex will play a crucial role in providing sustainable electricity to Ireland to help it meet its clean energy goals and represents a step forward in our mission to deliver long-term value for our shareholders and positive environmental impact,” said Octopus Renewables Infrastructure Trust chairman, Phil Austin.

Following the acquisitions, Octopus Renewables’ total capacity of operational renewable energy assets is 802MW across Europe and Australia.

The Ballymacarney solar project in Co Meath encompasses sites which were initially developed by Lightsource and JBM Solar, and all were granted planning permissions between 2018 and 2019. The projects were acquired by Statkraft Ireland in 2019 and were subsequently successful in the Government’s renewable energy auction in 2020. Construction commenced in early 2021.

In 2023, just under 41pc of electricity demand in Ireland was met by renewable sources, with wind providing three quarters of that. The remainder was met by other renewable sources such as solar, hydro, and biomass.

Ireland currently has over 6GW of renewable generation. Onshore wind accounts for about 5GW of installed capacity. Solar PV contributes over 1.1GW, divided between grid-scale and rooftop generation.

Ireland has a target to be generating 80pc of its energy needs from renewables by 2030.

Reporting on:independent.ie