Solar energy ramping up investment to €750m

Danish energy player Obton and its local partner, Shannon Energy, intend boosting their investment in Irish solar projects to €750 million from an original €300 million, they will confirm on Tuesday.

The Irish company and Obton formed a joint venture last year to spend €300 million building solar farms, which use panels of specially manufactured cells to convert the sun’s heat to electricity, around the Republic.

Obton said the two companies now intend to increase the original €300 million to €750 million, which will double the amount of electricity that their solar power plants will generate.

The move will also increase the number of jobs their venture is likely to create to 2,000 workers from an initial 1,000, the companies said. Building the power plants will create most of that employment, they added.

Over five years, Shannon and Obton will now build solar power plants with the capacity to generate 1,000 megawatts of electricity.

Last year, the Danish-Irish partnership secured contracts from the Government’s Renewable Electricity Support Scheme for 11 solar power plants which bid for the deals through an auction.