The business law firm surveyed more than 250 industry leaders at its recent energy conference at the Royal Irish Academy of Music, which focused on financing Ireland’s energy transition and heard from a range of business, legal and policy experts.

Event chair Eoin Cassidy, energy sector lead partner at Mason Hayes & Curran, said: “Our survey findings underscore the need for collaborative solutions.

“Unlocking the necessary capital to decarbonise our economy is one of the most pressing challenges of our time. The complexity of financing this transition requires decisive action to overcome the barriers affecting the roll-out of renewable projects across Ireland.”

Technologies, including offshore wind, battery storage, biomethane and hydrogen, are critical to Ireland’s ability to meet its 2050 climate goals. These technologies offer the potential for large-scale decarbonisation, increased energy security, and the ability to integrate renewable energy into the grid more effectively.

However, financing these innovations remains a key challenge.

Peter McLay, energy partner at Mason Hayes & Curran, chaired a panel on ‘Financing New Renewable Technologies’.

He said: “Neighbouring jurisdictions have found ways to overcome the hurdles to financing new types of renewable technologies. Ireland can do the same, it’s just a case of grasping the nettle and resolving the various risks that currently stand in our way.”

Of the new technologies, offshore wind was favoured by more than half of respondents (51 per cent) as the most attractive proposition for low-cost project finance in Ireland. Under the government’s offshore wind energy programme, Ireland aims to deliver 20GW of offshore wind by 2040 and at least 37GW in total by 2050.

Panellist Karen Doyle, head of business development at Gas Networks Ireland, also made the case for biomethane, saying: “Hydrogen is exciting, but so much has to happen: the price has to make sense, the infrastructure has to make sense.

“Whereas studies show that Ireland is one of the best places to develop biomethane in Europe right now. Biomethane is the now, and hydrogen is the future.”

More than half of respondents (53 per cent) said planning permission uncertainty is the biggest obstacle to the ongoing financing of Ireland’s more established renewable energy categories, such as onshore wind and solar, achieving financial close. However, Ireland’s highly-anticipated new planning laws, expected by the end of October, have the potential to alleviate many of the challenges faced by the sector.

Mr Cassidy said: “Ireland needs to go back to doing what it was really good at 10 years ago, when there was clarity and certainty around energy projects. Creating that certainty around a pipeline of projects will attract investment capital and finance from overseas. Streamlining planning processes is essential if we want to remain competitive in a global market.”

Barry Kilcline, director of development at SSE Renewables, added: “Bankability requires certainty of delivery, certainty of revenue and the ability to quantify and mitigate risks.”

The event came as the government announced the provisional results of the fourth Renewable Electricity Support Scheme auction (RESS 4), which awarded financial support to over 1300MW of large-scale renewable projects.

Mr Cassidy said: “The results from RESS 4 represent an improvement compared to previous rounds, both in terms of volume and pricing. That said, the true test will be in the delivery of installed capacity.”

Solar developments totalling 960MW were successful in the round, according to results published by EirGrid. However, panellist Dermot Hughes, head of commercial at BNRG Renewables, warned: “We need protection from inflation in future for RESS auctions — solar megawatts were left behind in the recent auction.”

Despite challenges, Ireland’s energy sector remains resilient. Nearly half (49 per cent) of respondents see Ireland’s renewable financing climate as stable, while more than a third (34 per cent) see it as improving.

“While stability is positive, there’s enormous untapped potential for growth. We must act now to dismantle financing barriers and unlock the full scope of Ireland’s renewable energy opportunities,” Mr Cassidy concluded.