Temporis Investment Management has today announced the launch of Inis Offshore Wind, a new Irish renewable energy company with plans to develop at least 1GW of capacity by 2030.
Inis Offshore Wind has identified five potential project sites for assessment off the east and west coasts of Ireland as well as in the Celtic Sea.
It said that should the initial east coast projects progress successfully, these could each bring about 500MW of renewable capacity into production by 2030.
The initial projects would enable €2-3bn of capital investment.
Inis Offshore Wind, the setting up of which was first reported in the subscriber-only newsletter reNEWS last month, is funded through the Temporis Aurora Fund by the Ireland Strategic Investment Fund (ISIF) and other institutional investors from the EU, UK and US totalling €126m.
Established three years ago and managed by Temporis, the fund provides a dedicated pool of long-term development capital to support the Irish energy transition over the next decade, in line with the Irish State’s Climate Action Plan.
Inis Offshore Wind said it provides a direct benefit to the people of Ireland through ISIF’s investment and intends to work with all stakeholders of the Irish offshore community to deliver a new green industry for Ireland with strong job creation across the country aligned with Ireland’s pathway to Net Zero.
The fund has appointed former Orsted executive Vanessa O’Connell (pictured, centre) to head up the company.
Temporis Aurora Fund head Austin Coughlan (pictured, left) said: “We are delighted to announce the establishment of Inis Offshore Wind and the appointment of Vanessa O’Connell as head of Inis Offshore Wind.
“The company has ambitious plans for the Irish offshore wind sector, firmly aligned with the government’s Climate Action Plan.
“We very much value ISIF’s continuing support, providing the people of Ireland with a potential return from the sustainable use of the nation’s wind resources.”
O’Connell said: “Our aim is to tap Ireland’s unparalleled offshore wind resource and in doing so enable a sustainable energy future for the people of Ireland, who will benefit directly from our success.
“With a current pipeline of five potential projects, we look forward to announcing more detail on our plans in due course and will work very closely with local communities, including marine users, to ensure their views are reflected in our plans and so that we maximise the positive impact our work has on local communities.”
Irish Minister for Finance Paschal Donohoe said: “I’m encouraged to see the impact that the ISIF’s €50m investment in the Temporis Aurora Fund is having on Ireland’s transition to a low carbon economy.
“Developing sustainable, renewable energy sources like offshore wind are a key part of government policy to harness our ocean wealth for the people of Ireland while creating new local industry and supporting jobs in the process.”
Irish Minister of State for Financial Services, Credit Unions and Insurance Sean Fleming said: “This investment by Temporis, with the backing of ISIF, is a prime example of how the international financial services sector can make a real contribution in delivering regional jobs while improving our energy infrastructure.
“I wish the team every success with Inis Offshore Wind and hope that more international investment in this area will follow this initiative.”
Senior offshore project manager Aoife Galvin (pictured, right) has also joined from ESB.