Global energy giant Iberdrola has confirmed its entry into the Irish market through the launch of a new energy supplier and €100 million of investments into renewables and battery storage.
The firm is to launch into the Republic of Ireland through a new supply arm, dubbed Iberdrola Ireland, which will offer 100% green electricity supply tariffs initially, to be followed by both dual-fuel and energy services packages in the near future.
An EV charger offering, much like the one established by fellow Iberdrola business ScottishPower, will also be forthcoming.
The supply move is to coincide with a range of investments, totalling €100 million, into new renewable and energy storage projects within the Irish Single Energy Market (ISEM).
Those investments are to be made by 2025 and while no precise details have been forthcoming, Iberdrola has made explicit mention of repowering legacy wind farm assets, some of which could see their generating capacities as much as quadrupled through the retrofit of new turbines and technologies.
While around one-third of total electricity demand on the island of Ireland was met via wind last year, Iberdrola said further investment into the country’s power market would be crucial if the country is to stand any chance of meeting government targets to derive 70% of its electricity from renewables by 2030.
Both Iberdrola and ScottishPower, which owns and operates wind farms in Ireland, are now on the hunt for partnerships and co-development opportunities.
Colin McNeill, retail CEO for ScottishPower and Iberdrola Ireland, said the firm was looking to expand quickly through competitive prices and “leading edge digital services”.
“When it comes to energy generation, we are the world’s largest wind power producer, and our global expertise in renewable energy means we are well-placed to support the development of Ireland’s low carbon economy. Ireland is already ahead of the curve when it comes to renewables, and we want to play our part in the clean energy future,” he added.
Iberdrola’s ScottishPower unit cemented its status as a renewables-only utility when it sold its last remaining fossil fuel plants to Drax, before celebrating a near trebling in earnings as it lauded a “pivotal year” for the business.