Danish company Orsted announced on Monday that it had tied up with Terra Solar to develop a 400 megawatt portfolio of solar energy in Ireland.
The projects could potentially power more than 90,000 Irish households and are expected to be completed before the end of the decade.
“Ireland has seen several amber alerts on warm summer days with low wind speeds, the cost of electricity is too high due to over-reliance on fossil fuels, and the carbon intensity of Ireland’s electricity is among the highest in Europe,” Orsted said in a statement.
Including the projects announced this week, the company’s solar pipeline in Ireland now totals more than 600 megawatt.
The shares of Orsted A/S (ORSTED) were last gaining 0.39% (DKK 1.60) to trade at DKK 408.80 in Copenhagen on Tuesday, while extending the gain from the previous market session.
The company’s total market cap now stands at DKK 171.305 billion.
The shares of Orsted A/S have retreated 35.24% so far this year.