Energia Group announces EUR 3 billion ‘Positive Energy’ investment programme
In Ireland, utility company Energia Group has announced a major EUR 3 billion Irish renewable energy infrastructure investment programme over the next five years. The Positive Energy investment programme will create 200 new jobs directly within the Energia Group. An Taoiseach, Leo Varadkar T.D., and Minister Richard Bruton T.D. have welcomed the announcement
Energia Group, the major all-island Irish energy provider and infrastructure investor across Renewable Technologies, Flexible Generation and Customer Solutions, has said that it will invest over EUR 3 billion in Irish renewable energy generation and related systems over the next five years.
This is a proud day for Energia Group and an important milestone as we celebrate twenty years serving in the deregulated energy markets across the island of Ireland. To date we have invested over €1 billion in the Irish energy market, driving developments to meet the needs of a high-performance economy and society, north and south. Our decision to invest over €3 billion in renewable technology and energy infrastructure in the coming years is a clear signal of our intent to build on our continuous commitment to Irish communities, the economy and the sustainability of Ireland’s energy supply while contributing decisively to decarbonisation and the protection of our domestic and global environment, said Ian Thom, CEO, Energia Group.
The announcement was made on July 2, 2019, by Richard Bruton TD, Minister for Communications, Climate Action and the Environment, together with Energia Group CEO Ian Thom as the company opened its new Irish headquarters at Blanchardstown in Dublin.
The investment is supported by Energia Group’s owners, the global infrastructure investment group I Squared Capital, represented at the announcement by Dr Gautam Bhandari, Managing Partner and Co-Founder of I Squared Capital.
The new five-year investment programme by Energia Group is called ‘Positive Energy’. It will create 200 new jobs directly across the Energia Group in areas such as customer energy solutions and renewable technology, and an estimated 3 000 to 5 000 construction jobs over the duration of the programme. Energia Group currently employs 800 people on an all-island basis.
Energia Group’s Positive Energy investment programme will be implemented across a range of major renewable energy projects including onshore and offshore wind farms, solar power, hydrogen fuel generation, bioenergy facilities and the smart grid. It is in line with the Government of Ireland’s commitment to increase the amount of electricity generated from renewable sources from 30 percent now, to 70 percent by 2030.
Reducing greenhouse gas emissions means making big changes; at Government, business, community and individual level. Under the Government’s Climate Action Plan, we want to increase the amount of energy produced from renewable sources from the 30 percent we produce today to 70 pervcent by 2030. To do this, we need industry to step up to the mark. I commend Energia Group for announcing this EUR 3 billion investment in a range of renewable energy projects, from wind farms to bio-energy, which will help us to reduce greenhouse gas emissions, give us cleaner air and reduce the need for expensive fossil fuel imports. The announcement of 200 new jobs also shows how climate action can create the jobs of the future. I’m really pleased that the company has chosen Blanchardstown as the location of its new headquarters; Energia Group is very welcome to Dublin West, said An Taoiseach, Leo Varadkar.
Established in 1999, Energia Group is a leading Irish energy provider and infrastructure investor across Renewable Technologies, Flexible Generation and Customer Solutions, including the Internet of Things, Smart Grid and Customer Micro Generation, with an annual turnover of some EUR 2 billion.
With offices in Dublin, Galway, Cork and Belfast, Energia Group already supplies approximately 25 percent of the island’s total energy and 21 percent of total wind power meeting the energy needs of over 750,000 homes and businesses with competitive electricity and gas services. The Group’s main operating businesses are Energia and Power NI.
We are committing to generating 70 percent of our electricity from renewable sources by 2030 under the Climate Action Plan. Decarbonising our electricity supply is crucial to all the changes we are making as we make the transition away from fossil fuels. The move to electric vehicles, for example, will only be effective if the electricity being used has been generated from renewable sources. This investment by Energia, will boost Ireland’s capacity, with over EUR 3 billion being invested in onshore and offshore wind, solar, hydrogen fuel generation and bioenergy facilities. Energia’s decision to build on its existing commitment and expand so significantly in Ireland shows the huge opportunity that is available to the sector in a decarbonised society, said Minister Richard Bruton.
Energia Group currently supplies over 1.2 GW of green power to the market, including electricity from 22 owned and invested wind farms on the island and the Group also operates two major gas-fired power stations in north County Dublin.
Energia Group anticipates that this new investment will add up to 1.5 GW of new renewable power generation to the grid over the 5-year programme. This will contribute to further sustainability in Ireland’s energy supply and to the achievement of Ireland’s climate change reduction targets.
As a leading global infrastructure investor, we are very pleased to support sustainable energy developments that underpin societal and economic progress and tackle global climate change. This substantial investment by Energia Group in Ireland will contribute to the clean and efficient production of renewable energy, the long-term security of a sustainable energy supply, as well as the economic competitiveness and the wellbeing of communities across the island. It will also further position Energia Group as a European leader in renewable technologies, flexible generation and customer solutions across an extensive customer base in residential and business markets, said Dr Gautam Bhandari, Managing Partner and Co-Founder of I Squared Capital.