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Irish Times
06-05-2025
- Business
- Irish Times
State investment fund pledges support for green technology businesses
The State-owned Ireland Strategic Investment Fund (ISIF) is pledging more than €160 million to green technology businesses as it plans to double its support for climate action enterprises to €2 billion. The fund, which operates under the umbrella of the National Treasury Management Agenc y, aims to back the State's climate goals by investing in projects that cut greenhouse gas emissions, boost renewable energy and capture carbon from the atmosphere. Barry O'Halloran has the details. Some people argue that only a minority actually pays for it, so why the fuss? Others, such as former minister Alan Shatter, describe it as 'State-sanctioned graveside robbery of assets'. But whatever side you're on, there's no doubt that reducing a tax bill on your life's work is something most people would look to do. Fiona Reddan has some ideas on how to do this. Irish companies risk running foul of new EU legislation requiring them to make their websites, apps and digital services more accessible to people with disabilities . READ MORE The new rules comes into force on June 28th but a recent survey found that almost six in 10 businesses remain confused about what they have to do to be compliant with them, reports Dominic Coyle. Danish renewable energy company Orsted has started to build a 55MW solar farm just outside Cork City, with the project expected to generate enough electricity for 16,000 homes. 100 days of Trump: 'It's like The Karate Kid, tax on, tax off, tariffs on, tariffs off' Listen | 42:49 Construction of the solar farm, which is being constructed as part of a contract awarded as part of the fourth Renewable Electricity Support Scheme (RESS-4), sees Orsted's total solar energy commitment in Ireland grow to more than 700 megawatts (MW). Hugh Dooley reports. April's trade war threat spooked shoppers last month, but there are no indications yet that Irish people plan to rein in spending, a survey indicates. The news comes as a Government report shows that consumers were key to recovery from Covid-19 lockdowns, writes Barry O'Halloran The Irish services sector experienced subdued growth last month while the industry outlook is the weakest in more than four years, the latest AIB purchasing managers index (PMI) has revealed. In the aftermath of US tariffs policy announcements and volatility in the financial markets, the 12-month outlook was the weakest since October 2020 in the face of the uncertainty, reports Hugh Dooley. Dominic Coyle answers a question from a reader on whether having all of a couples' savings and national savings certificates in joint names is the best way of preparing for one partner dying before the other. The Louth-based medical technology company behind the National Cardiac Device Registry is targeting a UK expansion and is expecting to create 20 new jobs to support the ambitions. Heart Rhythm Ireland is rebranding as Heart Rhythm International (HRI) with the intention of developing business in the UK. Hugh Dooley reports. Novo Nordisk reports earnings on Wednesday, and for once, Wall Street isn't holding its breath. Once celebrated for routinely raising guidance, the Danish drugmaker is on the defensive, writes Proinsias O'Mahony in Stocktake., Northern Ireland needs an urgent increase in the number of higher education places it has if it is to stand any chance of closing the investment and productivity gaps with Britain or the Republic of Ireland over the next 25 years, writes Garrett Curran, chairs of the Queen's University Belfast foundation board and is a board member of Santander Asset Management, in our Common Ground series. Stay up to date with all our business news: sign up to our Business Today daily email news digest. If you'd like to read more about the issues that affect your finances try signing up to On the Money , the weekly newsletter from our personal finance team, which will be issued every Friday to Irish Times subscribers.
Irish Times
06-05-2025
- Business
- Irish Times
Danish energy firm Orsted begins construction of Cork solar farm
Renewable energy company Orsted has started to build a 55-megawatt (MW) solar farm just outside Cork city, with the project expected to generate enough electricity for 16,000 homes. The solar farm is being built as part of a contract awarded under the State's fourth Renewable Electricity Support Scheme. The development at Ballinrea, which is between Cork city and Carrigaline, will be the Danish renewable energy company's second solar project to start construction so far. The renewable energy plant is expected to be fully operational by next year and will bring the firm's Irish investment to €800 million. READ MORE Orsted has been awarded contracts for, or is developing, solar projects that will generate 700MW in all. TJ Hunter, who is Orsted's vice-president of onshore in the UK and Ireland, said he was delighted that construction of the firm's second Irish solar farm had started. 'If we are to ultimately achieve a green energy future in Ireland, solar is a fundamental piece of the jigsaw,' he said, pointing to what he called the company's 'strong solar pipeline'. He said the Danish company would 'continue to look at opportunities for solar projects in Ireland' to help the Government achieve its target of generating 8GW of solar energy by 2030. 'While challenges remain, we are confident we are going in the right direction to create an energy system run on clean, reliable and renewable power,' Mr Hunter said. Orsted employs more than 100 people at its European onshore headquarters in Cork. The company has started work at its first solar farm in Ireland, the 81MW Garreenleen project in Co Carlow. Completion is expected next year. In March, the firm announced it had signed a landowner lease agreement with Cork-based Greenhills farm, one of Ireland's largest dairy farmers, with the goal of using the site for renewable energy generation. At the time, Mr Hunter said east Cork, in which the latest project was also located, 'has some of the country's best solar energy generating conditions' with the site being credited with 'the potential to generate enough renewable energy to power in excess of 52,000 homes'. The company is also involved in offshore wind projects in Ireland, having entered into a 50:50 partnership with the ESB in 2023 with the hopes of generating up to 5GW of offshore renewable energy. State-owned ESB said the projects were expected to compete in the Government's offshore wind auction.
