Simply Blue Group and ESB are pooling expertise and resources to deliver a 5MW wave farm array, located adjacent to the County Clare coast.
The project will be a 50:50 joint venture between the two companies.
Known as Saoirse and developed by Simply Blue Group, the demonstration project aims to prove the viability of wave energy in Irish seas.
Subject to the necessary consents and a grid connection, the site is on target to be completed by the mid to late 2020s.
It is estimated that Ireland has up to 18GW of wave resource off its west coast.
The chosen technology for deployment is CorPower Ocean’s Wave Energy Converter (WEC).
The first full-scale demonstration of the CorPower Ocean technology is currently taking place in Portugal.
Group chief executive of Simply Blue Group Sam Roch Perks said: “We have been developing Saoirse as a concept for several years and to enter this joint venture with ESB means we can take this project forward at the pace it requires.
“We have worked very closely with the wave energy sector to find the correct technology and believe the CorPower device represents the best-suited technology to build this exciting project – which will be a world first in wave energy and help Ireland recognise its potential in wave power.”
ESB executive director, generation & trading, Jim Dollard added: “ESB is delighted to be a part of this exciting announcement on innovative wave energy conversion technology.
“ESB amassed significant expertise in wave energy through our WestWave project up to 2016 and we welcome the opportunity to pool these learnings with Simply Blue Group.
“While the technologies in wave energy conversion are still at an early stage, projects such as the Saoirse initiative are a major step towards providing utility-scale generation from our oceans.”
The project has been pre-selected for funding by the European Commission’s Innovation Fund programme in its third call for projects.
The joint venture will now move to negotiations around the preparation of a Grant Agreement for this project, which will conclude in the coming months.
Saoirse is a pre-commercial site that will demonstrate wave energy and will stay in the water off the County Clare coast for up to 15 years.