Iberdrola Pledges $112 Million Renewables Investment for Ireland

(Bloomberg) -- Iberdrola SA will invest 100 million euros ($112 million) in renewable energy and storage projects in Ireland by 2025 as it starts to offer customers power in the country for the first time.

The Spanish utility said it’s offering consumers in the Republic of Ireland 100% clean electricity tariffs from Tuesday as it enters the market with plans to provide electric vehicle chargers and boiler care services later this year.

The Irish operations of Iberdrola, the world’s first major utility to embrace renewable energy more than a decade ago, will be based in Dublin. The utility’s U.K. business, Scottish Power, operates six onshore wind farms with a total capacity of 60 megawatts across both the republic and Northern Ireland.

The firm is looking to re-power three of those farms, which were built about 20 years ago. Iberdrola said that its planned investment will help the Irish government’s hit its target for 70% of electricity to come from renewables by 2030.

“We are well-placed to support the development of Ireland’s low carbon economy. Ireland is already ahead of the curve when it comes to renewables, and we want to play our part in the clean energy future,” said Colin McNeill, Chief Executive Officer Retail of ScottishPower and Iberdrola Ireland.

Ireland had 3.1 gigawatts of installed onshore wind capacity in 2017, according to BloombergNEF data.

©2019 Bloomberg L.P.

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