Statkraft acquires 320MW solar project portfolio in Ireland. Credit: Statkraft.

Statkraft subsidiary Statkraft Ireland has completed the acquisition of nine solar projects from JBM Solar in Ireland for an estimated fee of $17.3m (€15.5m). The nine projects have a combined capacity of 320MW.

Many of the projects in the portfolio are in the advanced stages of development and some of them will participate in the upcoming Renewable Electricity Support Scheme (RESS) auctions.

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Statkraft Ireland managing director Kevin O’Donovan said: “We believe that Ireland will need contributions from all forms of renewable energy to meet 2030 binding targets of reaching 70% green energy.

“The acquisition of this 320MW of solar energy further diversifies our own portfolio and continues our upward growth trajectory. Each MW of these developments will be necessary if we are going to be successful in tackling climate change.

“Work carried out to date has ensured that the Irish electricity grid system is operating successfully with renewable energy levels of up to 65% at any given time which proves that we are not that very far away from having a Grid system which can be run almost exclusively on renewable energy.”

The acquisition of the solar portfolio will be a further addition to Statkraft Ireland’s renewable energy capacity in the country, as the company has an existing onshore wind capacity of 1.25GW along with 500MW of offshore wind.

Statkraft noted that the deal will allow the company to help Ireland achieve its targets outlined in the Climate Action Plan that was published in June 2019.

By 2025, Statkraft aims to achieve 2,000MW of solar and 6,000MW of wind power capacity.