Highfield Solar has successfully secured full financing for two new solar projects in the Republic of Ireland, with a combined capacity of 132 MWp.
The company – a joint venture between renewable energy developers ib vogt, Highfield Energy and Aura Power, plus Coöperatieve Rabobank UA – has secured an undisclosed sum to finance the 70MWp Clonin North solar plant and the 62MWp North Arklow project.
Highfield Solar has previously collaborated with Coöperatieve Rabobank UA on solar projects, with the two companies working together since July 2021 to finance a portfolio of 473 MWp across four projects across Ireland.
The Clonin North project will be located on a 70 hectare site near Rhode, in County Offaly, while the North Arklow development will be located near the town of Arklow in County Wicklow. Construction work on both projects is expected to begin in October 2024.
“We are pleased that Highfield Solar has achieved this important milestone and we now look forward to the further rollout of our portfolio. This is the result of years of planning and investment in these projects. As a company founded in Ireland, we are extremely proud of our role in continuing to attract such significant investment into the country for renewable electricity generation projects,” said Peter Kavanagh, Managing Director of Highfield Energy.
Both projects funded in this latest deal were previously successful at the second Irish Renewable Electricity Support Scheme (RESS 2) auction organized by the Department of Environment, Climate and Communications in 2022.
“The Clonin North and North Arklow projects mark an exciting new chapter in our successful joint venture, which is helping to build some of the largest solar power stations in Ireland,” said Anton Milner, CEO of ib vogt, adding added: “With the support of the RESS, we are optimistic about the future of solar energy in Ireland and the lasting positive impact it will have.”
“The Irish solar market is now one of the most exciting in Europe and the scale of these projects is testament to that. We look forward to seeing these projects come to fruition, along with many more in our development pipeline.” said Simon Coulson, director at Aura Power.
A success for the RESS
The RESS auctions, which operate in a similar way to the UK Contracts for Difference (CfD) Allocation Rounds (AR), aim to facilitate the development of new renewable energy projects in Ireland, helping Emerald Isle achieve its target of reaching 80 can reach energy sources. % renewable energy in 2030.
The most recent RESS round, September 2024 RESS 4, was a huge success for Ireland, with 1,334 MW of onshore renewable generation capacity supported through the auction. Of this, 960 MW was solar capacity and 374 MW was onshore wind, with both purchased at an average auction price of €96.85 (£81.73) per MWh.
RESS 4 was a welcome comeback for Ireland’s renewable energy sector, which saw low tenders at last year’s RESS 3 auction. RESS 3 secured only 497 MW of solar energy through the scheme, which the Irish Solar Energy Association attributed to an “overly rigid” design and “avoidable system failures”.
