Bank backs €180m for Irish solar farm project
Amarenco, the solar energy business led by former Bord Gáis head John Mullins, has found a multi-million euro backer to help it deliver the country’s first solar farms with the inaugural project earmarked for Cork.
One of the world’s largest investment banks with headquarters in Sydney, Macquarie Bank is willing to invest €180m in the solar venture which has plans for more than 30 farms across the south and south-east of the country.
The Australian-listed lender will help finance Amarenco’s plans to deliver the country’s first wind farms, the majority of which have been pencilled in for Cork.
Between 18 and 20 are likely to be dotted across the country’s largest county with the remainder in southern Tipperary, Kilkenny, Waterford and Wexford.
“We’ve got designs done; we’ve specific plans; we’re now supported by a bank, Macquarie Bank which is probably one of the largest infrastructure banks in the world and they’ve come in for half that business so we’re developing it and they’re financing it.
“This bank is ready to invest €180m in Irish solar at a time when maybe wind energy is coming across a number of challenges,” Mr Mullins told the Irish Examiner yesterday.
Speaking at the International Energy Research Centre conference in Cork, Mr Mullins said Amarenco has applied to the ESB for connection capacity for a number of its proposed 25- acre solar farms.
It also continues to engage with landowners and will submit planning permissions by the end of the this year. Each farm would take about 14 weeks to build and employ 30 to 40 workers in their construction.
Mr Mullins, who left his role as Bord Gáis chief executive at the end of 2012, previously said each farm would require a €6m investment. Amarenco has also lobbied the government for support in delivering solar projects adding that growing demand will see it become integral to attracting companies to Ireland.
Solar and wind energy will play a bigger role in attracting foreign direct investment here as evidenced by Apple’s decision to build an €850m data centre in Athenry, Co Galway which it plans to power with 100% renewable energy.
“One of the things from the point of view of foreign direct investment now [is] we have to be able to show that we have sustainability as part of what we offer in terms of energy like Apple with their data centre in Athenry. They want 100% renewable energy. That’s some statement, that’s 300MW of renewables. They don’t want brown power,” Mr Mullins said.
