The Irish renewable energy sector is set to receive a boost as German energy company RWE has announced that it will invest €1.5 billion in the sector over the next eight years. The funding forms part of a wider investment of €50 billion.
It’s understood that the investment will focus on Irish offshore wind as well as the development of a new pilot programme for airborne wind technology. RWE has already been running operations in onshore wind in Co. Kerry, as well as battery storage in Balbriggan, Co. Dublin.
The company plans to continue the development of the Dublin Array offshore wind project, under the investment. The project will see up to 61 wind turbines located off the coast of Kish and Bray. Once fully operational the turbines will generate between 600 to 900 megawatts (MW) of clean electricity.
RWE’s country chairperson for Ireland, Cathal Henessy says “renewable energy can help Ireland meet its greenhouse gas reduction targets and will also play a key role in delivering energy security for the Irish economy.” Hennessy says that the company has the ‘know how’ to support the Irish government in transitioning to an 80% renewable energy generation by 2030. He adds that this target is unachievable without the right frameworks in place.
Under the Climate Action Plan, Ireland must reduce its greenhouse gas (GHG) emissions by 51% with a 22-30% reduction in the agricultural sector by 2030. This investment announced will be active until this target date, and will help Ireland to achieve its further goal of net-zero emissions by 2050, according to RWE.