Business Irish

Thursday 23 March 2017

Make-or-break year for renewable energy

THE next nine months will determine if the Irish energy sector can meet national targets to deliver 40pc of electricity from renewable resources by 2020, a conference is to be told this week.

The conference, to be held on Thursday and Friday, will hear that the wind energy industry is being seriously threatened by red tape.

The conference -- organised by the Irish Wind Energy Association -- begins as reports say energy entrepreneur Eddie O'Connor of Mainstream Renewable Power is seeking to secure €30m from NCB private clients. The company expects to spend €88m on wind energy this year.

"This will be a make-or-break year for the Irish energy sector as decisions and plans that are made this year will have a far-reaching impact," said Irish Wind Energy Association chief executive Dr Michael Walsh.

A study by Deloitte last year indicated that almost €15bn would be invested in the Irish energy sector by 2020 but that this investment needed a stable policy framework to enable investments to take place.

"Our members are growing frustrated at the increasingly difficult investment environment, which is complicated by a lack of co-ordination between official agencies," said Dr Walsh.

Irish Independent

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