Electricity business Pinergy may invest up to €35 million expanding its solar power operation to meet customer demand for cheaper energy.
Pinergy, which supplies electricity, has provided solar power systems to companies including Keogh’s Crisps, Monart Hotel and Spa and others in a division focused on selling the technology to commercial customers.
The company plans to expand this over the next three years with the installation of solar power units across the Republic capable of generating up 40 megawatts (MW) of electricity at their peak.
According to Philip Connor, Pinergy’s newly-appointed head of commercial development, 40MW of solar would represent an investment in the region of €30 million to €35 million.
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“Using conservative Irish generation assumptions, that capacity would produce approximately 36 gigawatt hours of electricity annually,” he calculated.
“To put that into context, that’s broadly equivalent to the annual electricity demand of around 8,000 to 9,000 Irish homes.”
Pinergy’s move comes at a time when businesses face the prospect of higher energy costs stemming from ongoing tension in the Middle East. Even if the truce between the US and Iran lasts, many analysts say supplies will remain squeezed.
Global consultancy Energy Aspects told news agency Reuters on Thursday operators would not restart refineries and fields during a temporary ceasefire because of the risk of renewed shutdowns.
Sparta Commodities analyst Neil Crosby predicted it would take months to restore the full energy supply chain.
Pinergy has already installed 60MW of solar for customers around the Republic. The company switched the division’s focus to commercial clients and stepped back from supplying homes last year, a statement noted.
“The Irish commercial solar market is evolving at pace, and my clear ambition is to position Pinergy as the leading commercial solar provider in Ireland,” said Connor.
The company has appointed him to boost the division’s revenues and expand its presence in the market.
Pinergy says it is committed to aiding businesses in significantly cutting their energy costs and opening new sources of revenue. The company sells electricity and also supplies batteries, electric vehicle chargers and other equipment.
Daire Keating, Pinergy’s chief commercial officer, argued in light of global energy volatility, its solar business could provide “critical stability and cost control for Irish business”.
Publicly-traded Japanese group Sojitz Corporation, bought Pinergy last year, a move Keating forecast would unlock new opportunities for the Irish business.
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