Germany-based renewable energy developer Capital Stage has announced plans to invest in a pipeline of proposed solar farms in Ireland.
In partnership with the Ireland Strategic Investment Fund (ISIF), Capital Stage will invest in the Power Capital portfolio, which consists of more than 20 solar farms with a total generating capacity of 140 MW.
The deal marks the first time that Capital Stage has committed to financing solar park developments in Ireland, it said.
The solar farms are located primarily along the east and southwest coasts of Ireland, from Louth to West Cork. They range in size from 5 MW to 25 MW. Some 110 MW has already secured planning permission, Capital Stage said, with the remainder expected to receive consent in early 2018.
The Irish government has committed to generating 40 per cent of its electricity from renewable energy sources by 2020. It is currently consulting on a new support mechanism for renewables.