Focus on solar energy increases with acquisition of sites & installation of panels in Europe
Utilization of solar energy is on the topmost priority for many market players operating in the energy sector across the world. Businesses have focused on reducing the carbon footprint and create a better future.
The rise in levels of pollution, climate change, and global warming are some of the environmental issues led to the need for optimal usage of renewable energy sources. Utilization of solar energy is on the topmost priority for many market players operating in the energy sector across the world. Businesses have focused on reducing the carbon footprint and create a better future. The British giant has shifted its focus on 100% renewables owing to lower cost than other sources. One Irish firm acquired nine sites in the U.K. to strengthen its position in the industry.
Another major giant would set up the plant in Laois County, Ireland – while the giant automaker Volvo installed nearly 15,000 solar panels at its facility in Ghent, Belgium.
The market for solar energy is booming.
According to the research firm Allied Market Research, the global solar energy market would reach $422 billion by 2022. Following are some of the major activities taking place in the industry that would shape the future:
Investment to shift from fossil fuels to solar energy:
Leading energy companies have been adopting various strategies to raise their stake in the industry. Scottish Power, one of the largest companies in the U.K., decided to invest in solar energy to shift from fossil fuels. The firm sold its gas-fired power station to Drax Group and decided to focus solely on renewables that consist of onshore and offshore wind farms. Keith Anderson, the CEO of Scottish Power states that he sees a good opportunity for investment in solar power. He also added that the company has shifted its focus to 100% renewables as it is cheaper than other sources. He highlighted the need to invest in the cheap forms of energy such as onshore wind, offshore wind, and solar energy to roll down the costs of energy. In order to counter climate change, businesses need to embrace green energy entirely. As solar farms across the U.K. has been built by small firms and community groups, the entry of such a huge player would mark a significant difference in the market.
Acquisition of nine energy sites in the U.K.
Acquisition of solar energy sites is one of the best strategies market players can adopt to strengthen their position in the market and gain more market share. The Irish firm NTR plc acquired nine solar energy sites in the U.K. in a deal worth £54.6m (€61.3m). The firm acquired the assets from the assets from developer Plus Renewables that include a deferred consideration of £2.3m (€2.6m). Rosheen McGuckian, the CEO of NTR, outlined that the firm’s strategy is to acquire pre-construction and operational solar assets in Europe. The operational assets would offer immediate returns on investments and the pre-construction assets would offer benefits in the long run.
Vento Ludens Ltd. to set up solar energy plant in Laois County:
The giant firms have been taking steps to build huge solar panel farms in the European countries. Vento Ludens Ltd. has been undergoing the applications process to build a solar energy development plant in Laois, Ireland. The company submitted an initial plan to Laois County Council to grant permission for development. However, it was ruled invalid as it deemed incomplete. It is now endeavoring to develop a fulfilled plan and get an approval. The company has developed wind turbine and solar panel power farms in different countries including the U.K., Germany, and Switzerland. Most of the plants generate energy from the sun. The solar panels in Laois will be ground mounted on support structures. Internal access tracks, electrical cabling & ducting, security fencing, CCTV & other infrastructure, additional landscaping, drainage, and habitat enhancement have been included in the plan that would be submitted to the council. It also includes a 38KV electrical substation buildings, two single stories, and associated infrastructure. The company outlined that the South-East of Ireland offers a great potential for the development of solar systems owing to high solar irradiance. The inception of the Irish venture would offer new opportunities in the industry and will make the company ready for the future.
Volvo installs 15,000 solar panels:
Installation of solar panels is one of the ways businesses can opt for green energy and try to make a significant difference. The automaker giant Volvo has installed nearly 15,000 solar panels at its car facility in Ghent, Belgium. The facility in Ghent also utilizes wind energy to supply nearly 11 percent of power consumption. Javier Varela, head of manufacturing and logistics at Volvo Cars, outlined that the installation of solar panels is a part of broader efforts for reducing environmental footprint. He added that the company is focused on enhancing energy efficiency and achieve the lowest possible carbon footprint across various operations in the supply chain. Renewable sources of energy have supplied electricity across facilities of Volvo Cars in Europe. The firm aims for carbon neutral operations in all of its manufacturing plants across the world.