Denmark's Obton A/S and Ireland's Shannon Energy formed a joined venture to build up to 500 MW of solar capacity in Ireland, The Irish Times reported Jan. 8.

The solar farms will be built over three years, and the partners plan to invest €300 million over the period, according to the report.

Obton CEO Anders Marcus said in the report that Obton will mainly finance the projects while Shannon Energy will provide local expertise in building the facilities.

Sites in Cork, Galway, Longford, Tipperary and Westmeath have already been earmarked for the installation of about 150 MW of solar panels, according to the report.

Last fall, Obton launched a €1.6 billion fund, called Impact, to invest in solar facilities in France, Germany, Ireland and the Netherlands as well as in North America and Asia.

Ireland has a goal of getting 70% of its electricity supply from renewable resources by 2030.