Business

Waterford-based Enerpower to rollout 500MW of renewable energy in Ireland

Five year plan is in partnership with Portuguese group Greenvolt, which acquired majority stake in Enerpower last year

Greenvolt Group and Enerpower announce Irish renewable energy plans at an event in Dublin with Greenvolt Group’s chief executive João Manso Neto, Minister Neale Richmond TD and Enerpower chief executive Owen Power. Photograph: Kelvin Boyes/Press Eye

Ellen O’Regan
Thu Feb 8 2024 - 12:12

Waterford-based renewable energy company Enerpower, in partnership with Portuguese renewables group Greenvolt, has announced plans to roll out 500MW of renewable energy in Ireland in the next five years, creating 100 new jobs.

Founded in 2005, Enerpower offers renewable energy services to businesses, from assessment and design to installation and operation of technology such as solar panels, wind turbines, biomass boilers and heat pumps.

Enerpower’s customers include PepsiCo, Lidl, Pfizer and Virgin Media, and it has power purchase agreements with companies such as Eli Lilly and Tesco.

Greenvolt Group acquired a majority stake (51 per cent) in Enerpower in October of last year, as part of a deal with a total investment of €25 million, which included the option to increase that to a 100 per cent stake by 2028.

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Plans to roll out 500MW of renewable energy in Ireland in the next five years, enough to power the city of Dublin, is a notable increase on the more than 110MW of renewable energy that Enerpower has installed and maintained across the country to date.

The two companies have said that the roll-out will create 100 new jobs at Enerpower.

They added that they are also eyeing the UK renewables market as a “next step”.

Enerpower chief executive Owen Power said its partnership with Greenvolt Group is a “significant step forward” for the sustainable energy sector.

“This partnership unleashes a host of new opportunities and empowers us [to] meet the ambitions we set out early on in our journey to become the leading renewable energy company in Ireland,” he said.

“As a company we are dedicated to helping businesses across Ireland reduce their carbon footprint and contribute towards the Irish Government’s goal of increasing the proportion of energy obtained from renewable sources to 80 per cent by 2030,” he added.

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Greenvolt Group chief executive João Manso Neto said that Ireland is a “key energy market” for its expansion plans.

“Enerpower has an ambition that matches our own, with already internationally renowned clients, and now have a strengthened capacity to take advantage of the numerous opportunities in Ireland and in the UK,” he said.

Accounts for Bioenergy Power Systems Limited, which trades as Enerpower, show that the company saw turnover increase by 113 per cent in 2022, to €21.7 million. The company reported a profit after tax of €2.2 million in 2022, and employed around 34 staff.

Greenvolt Group reported total revenues of €259.7 million in 2022, and a net profit of €16.6 million. The group has an overall pipeline of 7.7GW of renewable energy projects and employs close to 500 employees across 16 different countries.

Ellen O'Regan

Ellen O’Regan

Ellen O’Regan is an Irish Times journalist.

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