Iberdrola has acquired a 3GW project pipeline through purchasing a majority stake in three DP Energy projects.
The wind farms on the east, west and south coasts of the country should be eligible for the forthcoming offshore auctions in 2025-2030
The projects included in the agreement are the Inis Ealga wind farm on the south coast of Co Cork and the Clarus project on the west coast of Co Clare, both to be developed with floating offshore wind technology.
Additionally, the Shelmalere project will be located off the east coast and will be developed using fixed foundations.
Once operational, the projects will generate enough green energy to power the equivalent of 2.6 million households in Ireland.
The transaction allows Iberdrola to further enhance its geographic diversification, as the company continues with its strategy to grow in markets with a favorable investment environment.
The deal also allows Iberdrola to position itself in the initial stages of Ireland’s offshore wind market, which has considerable growth potential in the years ahead.
Ireland has ambitious climate change mitigation policies in place to transform its energy mix, with Government planning to have 5GW of offshore wind capacity operational by 2030.
Estimates suggest there could be up to 40GW of potential for offshore development.
Iberdrola’s partner, DP Energy, is an international developer headquartered in Cork with extensive experience in the renewables industry and strong knowledge of the Irish market.
DP Energy is also working with Iberdrola currently in Australia, to develop the Port Augusta Renewable Energy Park, a 317MW hybrid wind and solar project in South Australia.