Iberdrola has agreed to acquire a majority stake in three DP Energy offshore wind projects on the east, west and south coasts of Ireland
Projects eligible to participate in renewable energy auctions in the 2025-2030 period are among those the company has acquired.
The agreement sees Iberdrola acquire control of 3 GW of potential capacity. Including the Irish acquisitions, Iberdrola’s offshore wind pipeline now exceeds 30 GW.
The projects included in the agreement are the Inis Ealga windfarm on the south coast of County Cork and the Clarus project on the west coast of County Clare, both to be developed with floating offshore wind technology.
The deal also includes the Shelmalere project off the east coast, which will be developed using fixed foundations.
DP Energy chief executive Simon De Pietro said, “I’m thrilled Iberdrola has decided to enter the Irish offshore wind space and to do that in partnership with DP Energy.
“Our two companies are already involved in a successful collaboration in South Australia and this next venture, in our home country, will increase the availability of low-cost green electricity for homes and businesses across Ireland and take us closer to helping achieve the country’s ambitious net zero targets.”
The transaction allows Iberdrola to further enhance its geographic diversification and position itself in the initial stages of Ireland’s offshore wind market, which has considerable growth potential.
Ireland has ambitious climate change mitigation policies in place to transform its energy mix, with the government planning to have 5 GW of offshore wind capacity operational by 2030. Estimates suggest there could be up to 40 GW of potential for offshore development.
The agreement in Ireland is Iberdrola´s first corporate transaction of 2021, after completing 12 in 2020, despite the challenges of Covid-19. It also strengthens the company’s presence in Ireland, where it has been operating for two decades. Iberdrola is currently managing and developing onshore wind projects and battery storage schemes in Ireland, in addition to offering 100% renewable energy products for retail customers.
The company plans to invest up to €100M (US$121M) in new renewable and storage projects by 2025. Existing projects include the repowering of the Barnesmore windfarm in County Donegal, and the Rigged Hill and Corkey projects in Northern Ireland, all of which include storage. It is also building the country’s largest battery facility in Gorman (50 MW), which will be operational in 2021.
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