State power supplier ESB is sinking €2.5 million into a solar energy startup
Terra Solar plans to develop farms across Ireland’s south and south-west.
STATE-OWNED ENERGY COMPANY ESB has invested €2.5 million into startup solar developer Terra Solar, taking a minority stake in the fledgling firm.
The solar business, which is based at Nova UCD, has announced plans to develop solar farms in Kerry and Clare, and also expects to start more projects in Limerick, Waterford and Wexford.
It was set up by David Fewer and André Fernon in 2014 and has previously taken on €1.125 million in investment from a range of sources, including its founders.
The two companies together plan to develop a potential 260-plus megawatts (MW) of solar capacity, enough to power around 50,000 homes for a year.
Terra Solar typically operates through 20-year, or longer, leases with landowners, estimating that the process for building a farm from feasibility through to development stage takes between 16 and 21 months.
The company’s founders said the funding would “enable us to accelerate the development of our sites in Munster and in Wexford over the coming months and years”.
The firm claims that, while the Republic doesn’t enjoy the same sunshine as southern European countries, Ireland is “perfectly suited to the development of solar energy” as lower temperatures improve solar-cell performance and lifespan.
ESB manager of solar and storage Cera Slevin said “we are at an inflection point for solar renewable energy generation in Ireland” and the industry was a “strategic growth area” for the company to lower its carbon footprint.
Lagging behind
Ireland has significantly lagged many other European countries, including the UK, in developing a large-scale solar industry.
An estimated 1 MW is currently installed across the state, compared to around 10,000 MW across the Irish Sea.
Several developers have expressed interest in building commercial solar farms in the Republic, however many are waiting on government subsidies to be finalised before committing to major projects.
The ESB has flagged plans to develop up to 500 MW in solar capacity, issuing a contract notice earlier this year for companies to help with installation work, scheduled to take until the end of 2021.
