Statkraft to pay €15m for solar energy projects

Norwegian energy group Statkraft is paying more than €15 million for nine Irish plants that convert solar power to electricity.

The Scandinavian group entered the Irish market recently with plans to spend €1.5 billion on building renewable energy plants.

Statkraft Ireland confirmed on Thursday that it was buying nine solar-power projects that will have the capacity to generate 320 mega watts of electricity, from local player, JBM Solar.

Statkraft will pay up to €15.5 million for the power plants, about 60 per cent of that upfront and the balance once certain milestones have been met. The projects are at advanced stages of development.

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Diversify

Kevin O’Donovan, Statkraft Ireland managing director, said the deal would further diversify the group’s Irish business.

He pointed out that all forms of green energy would be needed to ensure that the Republic meets the Government target of using renewable power to provide 70 per cent of all electricity used here by 2030.

Mark Jones, chief executive of PP Asset Management, JBM Solar's investment partner, said the company was "excited" to announce the sale of the projects.