Deal struck for €4bn project to develop 2.2GWs of Irish offshore wind

A €4 billion project to develop 2.2 gigawatts of offshore wind energy in Ireland is set to get underway following a deal between Norwegian energy giant Statkraft and Copenhagen Infrastructure Partners (CIP).

The deal will see CIP, which is a Danish investment firm specialising in wind power, acquire a 50 per cent stake in Statkraft’s offshore wind portfolio in Ireland. The financial terms of the deal have not been disclosed.

The scope of the partnership includes the three phases of the North Irish Sea Array, or NISA, and the Bore Array. The proposed location for NISA is off the coast of counties Dublin, Louth, and Meath, while the site of the Bore Array has been proposed for the Celtic Sea.

Developing and building these projects is expected to require an investment of more than €4 billion by Statkraft and CIP by 2030.

The best way to finance a new car

---

French investor pays €28.6m for Dublin and Kilkenny investments

---

Tricky judgments on when to reduce interest rates

---

Wild Duck theatre and pub in Dublin’s Temple Bar seeking €8m

---

Statkraft Ireland managing director Kevin O’Donovan said: “This partnership brings together two industry heavyweights with the resources and expertise to harness the power of our offshore wind.

“While today’s deal is significant for Statkraft, it also signals a giant leap forward for the country.

“The clean energy we can deliver from these projects will not only power our own homes and businesses; it also has the potential to make Ireland a world leader in renewable energy exports.

“The need for energy security and decarbonisation has never been as important, or urgent, as it is today. Ireland has a wealth of renewable energy resources right on its doorstep – energy that has largely remained untapped.

“Statkraft and CIP will now work together to bring that clean, green power to the Irish people.”

Statkraft head of offshore wind David Flood said Ireland’s maritime area “makes it ideal for large-scale offshore wind energy production”.

CIP partner Nischal Agarwal said the deal will “enable the provision of renewable power to Irish homes and businesses and contribute to reaching the Government’s ambitious decarbonisation targets”.

Davy analyst Michael Mitchell described the deal as a “meaningful vote of confidence” for Ireland’s future offshore wind sector.

“The portfolio’s capacity across two projects totals 2.2 gigawatts – representing a 50 per cent increase in the existing nationwide installed capacity, and roughly one-third of the Irish 2030 target to install 7 gigawatts of offshore wind.

“While much progress must be made before these projects become operational, the transaction adds to very early, but much delayed, momentum following the awarding of Maritime Area Consent to seven offshore wind projects in December 2022.”

He added the wind farm could become operational by 2028.

Statkraft is Europe’s largest generator of renewable energy. The company entered the Irish market in 2018 and since then has almost tripled its workforce and tripled its development portfolio.