ESB has invested €2.5 million to take a minority shareholding in Irish solar company Terra Solar which will accelerate the development of solar energy generation in Ireland. Terra Solar and ESB have the potential to deliver over 260MW of electricity generation capacity from solar energy, which would power over 50,000 homes every year.
Terra Solar was founded by David Fewer and André Fernon and is headquartered at Nova UCD, the Centre for New Ventures and Entrepreneurs at University College Dublin. The company previously announced plans to develop solar farms in Kerry and Clare and is accelerating the roll out of solar farms across Limerick, Waterford and Wexford.
“We are at an inflection point for solar renewable energy generation in Ireland which is a strategic growth area for ESB as we reduce the carbon intensity of our generation portfolio. Terra Solar is one of the most advanced solar development companies in Ireland,” said Cera Slevin, manager of solar and storage for ESB generation and wholesale markets.
“This strategic investment will see the development of multiple solar PV farms within Ireland in the future which will result in a lower carbon footprint and contribute to increased energy production from renewable resources. And a decarbonising electricity system can also help take oil out of the wider economy, particularly through electrification of the heat and transport sectors.”