SSE Renewables has been selected as the development partner to help Bord Na Móna build out an onshore wind portfolio of up to 800MW.
Under the deal, SSE will pay €50m for a 50% stake in the collection of projects, and will then be responsible for each development up to the planning consent process.
Once planning consent and grid access is secured, Bord na Móna and SSE will fund the development on a 50:50 basis.
The companies said if the entire 800MW portfolio is built out, it would involve an investment of up to €1bn from Bord na Móna and SSE over the next decade.
The organisations did not provide a complete breakdown of which projects are included in the 800MW portfolio and their stage of development.
However, three projects which were identified were the Lemanaghan Wind Farm in north-west Offaly, the Littleton Wind Farm in Tipperary, and the Garryhinch Wind Farm on the border of Laois and Offaly.
If delivered, these three projects could have a combined capacity of up to 250MW.
Tom Donnellan, Bord na Móna’s chief executive, said: “The portfolio of projects contained within this joint venture will be developed through a lease agreement at sites across Bord na Móna’s landbank.
“This marks yet another milestone in Bord na Móna’s transition to become one of the leading renewable energy companies in the country.”
Stephen Wheeler, the managing director of SSE Renewables, added that the deal can “accelerate [the] delivery of up to 800MW of new renewable energy generation for Ireland”.
“By working together, our two organisations can deliver vital new onshore wind projects across the midlands that will support regional economies and jobs [and] generate new homegrown energy for Irish consumers,” he said.
SSE was selected for the role following a tender process led by KPMG on behalf of Bord na Móna.
The deal has now reached formal completion following the approval of Eamon Ryan, the Minister for Climate Change and the Environment.
The minister said that large-scale partnerships such as this one, focused on renewable development, will be crucial in ensuring Ireland meets its 2030 emissions reductions targets.
Ryan said: “This joint venture between Bord na Móna and SSE Renewables will deliver up to 800MW of green electricity to power homes and businesses right across Ireland.”
He also emphasised how many of the projects in the 800MW portfolio will be located in the country’s midlands area, which he said shows how the region will be crucial as part of the country’s “pivot to green renewable energy”.