The L&G NTR Clean Power Fund has announced that it has taken over a 115 MW solar project in Ireland from Res.
The fund, a joint venture between L&G L&G and renewable energy specialist NTR, has expanded its portfolio by acquiring the Ballyy Solar Project, located in County Offaly, Ireland. The project granted a building permit at the beginning of 2022 and has also obtained confirmations from the network connection connection and the construction is expected to start in 2027.
Anthony Doherty, Chief Investment Officer of NTR, noted: “We are pleased to announce this acquisition on the Irish market, which will contribute to the ambitious carbon reduction goals of Ireland. We are known for our experience in acquiring, building and optimizing projects, all of which will be brought to have this project delivered to the investors of the fund. “
Bill Hughes, worldwide head of private markets and asset management at L&G said: “This new inclusion offers our customers a broader exposure to clean electricity assets, investing in sustainable infrastructure that could help stimulate Europe’s darka tube.”
Lucy Whitford, director of the VK and Ireland at RES, added: “This successful transaction builds on our long -term relationship with NTR and ensures that our projects contribute to deciphering the energy system that costs at least for consumers.”
RES and the Irish market
In recent years, RES have full turnover and acquisitions in Ireland, a market that has recently seen a significant growth in the sun sector that has seen lately.
In February 2024, RES announced that it was actively progressing more than 500 MW of solar projects in Ireland, of which the then Solar project of 90 MW Ballayteige Solar One was. This project has since redesigned to expand its capacity of solar generation. Only three years earlier, the company sold a considerable piece of its Irish portfolio, with 240 MW of capacity being eradicated in six projects in 2021 to renewable energy.
The wider Irish solar market is also increasing, with the fourth round of the Irish Renewable Energy Support Scheme (Ress 4) that secures 960 MW of solar capacity at an average price of € 104.76/MWh (£ 87.72/MWh) . In a recent report on power buying agreements (PPAs) in Europe published by Leveltten Energy, Ireland appeared to have the highest PPA price for solar energy among all profiled European countries, with an average price of € 121.64/MWh (£ 101, 85/MWH).
In November last year, the Irish energy company Flogas announced an ambitious plan to deliver € 50 million (£ 41.87 million) to solar energy projects in the coming five years as part of a newly launched solar-as-service scheme .
