Analysts at Irish stockbrokers, Davy, say that Ireland will need a $6.2bn investment to construct wind power plants and help the country meet its renewable energy targets.
The construction of 3GW-3.5GW of onshore wind power is required by the country to meet its 2020 European Union (EU) climate change targets.
40 per cent of the entire island’s power generation is targeted to be achieved by renewables by 2020.
Davy analysts at Davy have estimated in their recent report that this will require the construction of wind farms capable of generating up to 3,500MW of electricity, in addition to the existing renewable generators.
The analysts said that the four existing energy utilities – ESB, Bord Gáis Energy, SSE Ireland and Viridian – which currently dominate the all-island electricity market are best placed to support continued delivery of onshore wind capacity.
For more renewables news