Greek industrial conglomerate Mytilineos has acquired a 14MW solar portfolio in the Republic Ireland from Elgin Energy.

Purchased through Mytilineos’ Renewables and Storage Development (RSD) Business, the portfolio will enjoy long-term contracts for difference (CfD) awarded under Ireland’s first Renewable Electricity Support Scheme (RESS) auction. This took place last August, with solar taking a surprise 796MW across  63 successful solar PV projects from 20 companies.

The acquisition “will further expand our business in a rapidly growing market,” said Nikos Papapetrou, general manager of Mytilineos' RSD Business. “The acquisition of these projects also demonstrates our interest in the Republic of Ireland,” he added.

RSD Business also has a 76MW portfolio of solar projects at various stages of development across the UK.

“With the fastest installation times of any renewable energy technology, solar PV is now uniquely placed to speed up the [Republic of Ireland’s] drive to de-carbonize its electricity grid and meet its ambitious target of net zero carbon emissions by 2050,” said Ronan Kilduff, group managing director of Elgin Energy.