The purchased solar assets lie across three Indian states. Credit: Zbynek Burival on Unsplash.

European renewable energy company Statkraft Ireland has acquired five solar power farms from project developer Lightsource bp.

With a combined capacity of 275MW DC, the five solar power projects are located across Meath, Laois, Tipperary and Cork. Financial details of the transaction have not been disclosed by the companies.

Statkraft Ireland managing director Kevin O’Donovan said: “One of the projects which we have acquired from Lightsource, namely Blundelstown in Meath, was actually successful just last month, in RESS-1.

“The outcome of that particular auction was hugely encouraging and has given us at Statkraft, the platform we need to increase the rollout of green energy projects in Ireland, thereby decarbonising the grid and playing our part in helping to meet critical climate change targets.

“We are already quite advanced in developing the construction programme to deliver these RESS-1 projects.”

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The acquired portfolio consists of Blundelstown Solar Farm and Harristown Solar Farm in Meath, Ballymacadam Solar Farm in Tipperary, Loughteague Solar Farm, Laois, and Monatooreen Solar Farm located in Cork.

Statkraft Ireland funded the acquisitions using its financial reserves. Additionally, the company plans to make an investment decision for the Blundelstown solar power project.

The company has made similar deals in the renewable energy sector since 2018.

Lightsource bp Europe and international CEO Kareen Boutonnat said: “We have been active across the island of Ireland for many years, having developed and connected the first utility-scale solar projects in the North some years ago and have been progressing projects in the Republic since 2015.

“We are delighted to enter into this agreement with a company of the calibre and profile of Statkraft. We continue to be fully committed to developing Ireland’s utility-scale solar market and assessing future opportunities.”

Last October, Statkraft Ireland completed the acquisition of nine solar projects from JBM Solar in Ireland.