First A/S (Orsted)
Ørsted makes the final investment decision for Ireland's first solar power plant
12/05/2023 11:00:01 AM IWST | First A/S | Investors news
Ørsted has received a final investment decision (FID) for the first phase of the Garlin solar farm, marking the company's first solar investment in Ireland.
The 81MW solar project, located 15km from Carlow, is expected to be operational by 2026 and will increase Orsted's operational capacity on the island of Ireland to around 500MW.
Today's FID follows the successful completion of the Irish Government's Renewable Electricity Support Scheme 3 (RESS 3) tender in September 2023. RESS 3 is a successful bid for Ørsted (wind and solar) with two projects with a total capacity of 124 MW. The average holiday price of the RESS 3 auction was €100.47 per MWh, which is in line with similar regimes in other European markets.
Commenting on the investment decision, Kieran White, Senior Vice President of Onshore Europe at Ørsted, said:
"Solar energy is an important part of ensuring that Ireland's energy system runs entirely on green energy and I am delighted to confirm that Ørsted will invest in our first solar farm in Ireland."
He added: "While this is our first solar project in Ireland, the strong pipeline of other projects that continue to improve in terms of approvals and grid access gives us confidence that more projects will come."
The Garlin solar project is attractive because it has a short grid line that is closely connected to existing national grid points in a grid area where curtailments are expected to be low. "With this investment decision, this project will build the necessary network infrastructure to facilitate the connection of the second phase of the project, and we hope to implement it next year."
For more information, contact:
Media relations
Thor R. Wilkens
+45 99 55 44 07
via @orsted.com
Investor Relations
Rasmus Kegelberg Herwig
+45 99 55 90 95
ir@orsted.com
About Ørsted
Orsted's vision is a world powered entirely by green energy. Ørsted designs, builds and operates offshore and onshore wind farms, solar farms, energy storage, renewable hydrogen and green fuels and bioenergy facilities. Ørsted is recognized as a world leader in climate action on the CDP Climate Change A-list and is the first energy company to be certified by the science-based Net Zero Emissions Target Initiative (SBTi). With its headquarters in Denmark, Ørsted works. 8700 people. Ørsted shares are listed on Nasdaq Copenhagen (Orsted). In 2022, the group's revenue will reach 132.3 billion kroner (17.8 billion euros). Visit Orsted.com or follow us on Facebook, LinkedIn, Instagram and X.
additional
- Top FID Investor News.pdf
News source: Ritsau
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