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The Ireland Strategic Investment Fund (ISIF) is supporting a €140m renewable energy project that will see the construction of 20 solar farms in along the east and southwest coasts, with two sites outlined for Co Cork.
A Hamburg-based, German solar and wind farm company, Capital Stage, has partnered with ISIF and an Irish solar company Power Capital to co-invest in the project.
Peter Duff of Power Capital told the Irish Farmers Journal: “It’s a good strong signal from the State for the future of solar in Ireland, and affirmation of Power Capital.
“We’re the only country in Europe without a support mechanism for solar and we’re very excited about the partners that have come on board and the project.
The solar farms will range in size from 5MW to 25MW and planning permission has been secured already for a number of sites with permission expected for the remaining sites in 2018.
Farmers using up to half of their land to install solar panels will be eligible for agricultural and retirement tax relief, Minister for Finance, Public Expenditure and Reform Paschal Donohoe stated in his budget for 2018.
Once completed, it’s estimated that the 20 sites will have the potential to generate enough power for up to 25,000 homes a year.
“This is a powerful signal from the government and will have a positive impact on rural communities and farmers,” Duff concluded.
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