EDF Renewables has confirmed the acquisition of a 50% stake in the 2GW-plus Codling offshore wind project off the east coast of Ireland.
The French company, which secured the interest from Irish developer Hazel Shore, did not disclose a purchase price.
Fred Olsen Renewables will retain its 50% position in the project while Hazel Shore directors Johnny and Conor Ronan, best-known for their real estate business, will “retain an equity-based interest”, said EDF.
EDF was first reported as the preferred bidder for the 50% stake in subscriber-only reNEWS on 5 December.
Codling, which has been in development since 2003, includes a consented up to 1GW first phase located 13km off the north County Wicklow coast in the Irish Sea.
EDF said it will continue project development over the next couple of years with a view to making a “significant contribution” to Dublin’s target to have at least 3.5GW of offshore wind online by 2030.
Renewables chief executive Bruno Bensasson said: “We are very pleased to join the Codling offshore wind project in partnership with Fred Olsen Renewables. We are committed to contributing to the Irish government’s renewables goals.
“This important project clearly strengthens our strong ambition to be a leading global player in the offshore wind industry. This is consistent with the CAP 2030 strategy that aims to double EDF’s renewable energy generation by 2030 and increase it to 50GW net.”
EDF Renewables UK and Ireland boss Matthieu Hue said the company, which already has a Dublin office, is “looking for further renewables projects to add to our growing portfolio”.
Hazel Shore said: “EDF’s arrival in Ireland as a strategic investor and partner in the Codling project is a crucial step in delivering on a vision which began for Hazel Shore in 2003.
“This is a strong endorsement of the path Ireland is on towards the 2030 renewable energy targets, set out in the Climate Action Plan, and a validation of Hazel Shore’s significant investment and hard work over almost two decades.”