Greencoat Renewables, a sustainable infrastructure fund, has completed the acquisition of a 50% stake in the 80.5 MWp South Meath Solar Farm from Statkraft.
The remaining 50% was acquired in partnership with investment manager Schroders Greencoat, which owns and operates solar assets in the UK. When the deal initially closed in 2022, the development was Greencoat’s first solar purchase in Ireland.
The South Meath Solar Farm, in County Meath, Ireland, became commercially operational in late 2023. The project was developed, financed and built by Statkraft, which acquired it from Lightsource BP.
A long-term power purchase agreement (PPA) covering 100% of solar panel production has been signed by a technology company, which Greencoat says supports the “critical role” that renewables play in driving the global acceleration of the technology sector.
Paul O’Donnell, partner at Schroders Greencoat, said: “Having entered into a forward sale agreement in July 2022, we are pleased to further diversify our portfolio by completing the acquisition of the South Meath solar farm from Statkraft, a key strategic partner.
“As Ireland’s largest wind energy operator, we remain focused on delivering PPAs with large, highly reputable counterparties. We are therefore very pleased to have signed a long-term agreement with one of the world’s leading technology companies as part of this transaction.”
Interest in Ireland as a future technology hub is a crucial part of foreign and private investment in the country, and renewables must meet the resulting high energy demand.
The ‘world leading’ company remains unnamed, but as of April Ireland is home to 82 data centres, with 14 more under construction and plans approved for a further 40; As of last year, data centers accounted for a greater share of the country’s total electricity consumption than urban or rural homes.
According to data from the Central Bureau of Statistics for IrelandIn 2015, data centers used 5% of the measured electricity, increasing to 18% in 2022 and 21% in 2023.
Since 2021, Ireland’s Climate Action Plan includes a target to increase the share of electricity generated from renewable energy sources to 80% by 2030. In June this year, renewable energy sources accounted for a third of electricity production in the Republic of Ireland, while solar energy contributes 4.4% of electricity demand.
Storage will also play a role in managing the added stress of meeting electricity demand in data centers. GridBeyond has announced that it will supply battery energy storage systems (BESS) for two Irish data centers in June.
