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Ørsted acquires its first solar project in Ireland

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Ørsted A/S (Orsted)
Ørsted acquires its first solar project in Ireland
30-Aug-2022 / 08:00 CET/CEST
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30.8.2022 08:00:01 CEST | Ørsted A/S | Investor News

The 65 MW project will be located in Cork and is expected to be operational in 2025.

Ørsted has completed the acquisition of the Ballinrea solar PV project in Ireland from experienced renewable energy developer Terra Solar. The 65 MW solar project will be located in Cork, the second-largest city in Ireland, and will become Ørsted’s first solar project in the country. Ballinrea Solar Farm is expected to generate enough green energy to power up to 16,000 Irish homes – equivalent to almost every new home to be built in Cork City between now and 2028. 

Kieran White, Vice President of Europe Onshore in Ørsted, says: “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 5.5 GW solar target. We’re delighted to work with Terra Solar to accelerate our solar journey in Ireland.”

Ballinrea Solar Farm will contribute to Ørsted Onshore’s ambition to grow its global portfolio to a ~50:50 wind and solar PV capacity mix towards 2030. With the company’s recent acquisition of Ostwind, Ørsted 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, Ørsted has approx. 5 GW of capacity in operation and under construction across onshore wind, solar, and storage, 1.3 GW of which is solar. The company is on track to reach a total of 17.5 GW onshore capacity globally by 2030.

For further information, please contact:
Media Relations
Kathrine Ejlskov
+45 99 55 10 23
katej@orsted.com

Investor Relations
Rasmus Keglberg Hærvig
+45 99 55 90 95
ir@orsted.com

About Ørsted
The Ørsted vision is a world that runs entirely on green energy. Ørsted develops, constructs, and operates offshore and onshore wind farms, solar farms, energy storage facilities, renewable hydrogen and green fuels facilities, and bioenergy plants. Moreover, Ørsted provides energy products to its customers. Ørsted is the only energy company in the world with a science-based net-zero emissions target as validated by the Science Based Targets initiative (SBTi), and Ørsted aims to deliver a net-positive biodiversity impact from all new renewable energy projects it commissions from 2030 at the latest. Ørsted ranks as the world’s most sustainable energy company in Corporate Knights' 2022 index of the Global 100 most sustainable corporations in the world and is recognised on the CDP Climate Change A List as a global leader on climate action. Headquartered in Denmark, Ørsted employs 7,292 people. Ørsted's shares are listed on Nasdaq Copenhagen (Orsted). In 2021, the group's revenue was DKK 77.7 billion (EUR 10.4 billion). Visit orsted.com or follow us on Facebook, LinkedIn, Instagram, and Twitter.

 

Attachments


News Source: Ritzau


ISIN:

DK0060094928

Category Code:

MSCM

TIDM:

Orsted

Sequence No.:

184540

EQS News ID:

1430673


 

End of Announcement

EQS News Service

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