Mytilineos SA on Thursday announced the acquisition of a 14MW portfolio of solar development projects in the Republic of Ireland, from Elgin Energy, one of the leading solar development platforms across the UK and Ireland.
This portfolio of Mytilineos will benefit from long-term Contracts for Difference (CFDs) awarded under the 2020 RESS 1 auction (National Auction for RES in the republic of Ireland).
Once energised, the projects will provide enough cost-competitive renewable electricity to power more than 4,000 homes and offset 7,000 tons of carbon emissions in the Republic of Ireland annually.
Nikos Papapetrou, General Manager of the RSD Business Unit, said: “We are pleased to partner again with a progressive solar developer like Elgin Energy.
“This acquisition is an important milestone for the RSD Business Unit, because it will further expand our business in a rapidly growing market.
“The acquisition of these projects also demonstrates our interest in the Republic of Ireland.”
Commenting on the deal, Ronan Kilduff, Group Managing Director, Elgin Energy said:
“This transaction underpins our strong relationship with Mytilineos and is further evidence that solar PV has established itself as a cost-effective utility-scale renewable technology.
“With the fastest installation times of any renewable energy technology, solar PV is now uniquely placed to speed up the ROI’s drive to de-carbonize its electricity grid and meet its ambitious target of net zero carbon emissions by 2050.
“We have always been confident that solar PV would become a cost competitive utility scale energy technology and therefore continued to develop projects across our core markets.
“This transaction with Mytilineos reinforces that view.”
The acquisition strengthens the position of the RSD Business Unit in the international energy market, specifically in Ireland.
This confirms the cooperation with Elgin Energy, after the progress of a 76MW portfolio of unsubsidized solar development projects to energization in the United Kingdom.