The agreement will see the company acquire a majority stake in DP Energy’s offshore wind pipeline in Ireland, which totals 3 GW. Iberdrola already operates offshore wind farms in U.K. and German waters – with new developments in the U.K., the U.S. and France. Including Ireland, Japan, Sweden and Poland, Iberdrola’s offshore wind pipeline now exceeds 30 GW worldwide.
The projects are located in three clusters on the east, west and south coasts of the country, of which some will be eligible for the forthcoming offshore auctions in 2025-2030. The agreement also includes Iberdrola acquiring a majority stake in the company created by DP Energy, that will be responsible for developing this wind pipeline in Ireland.
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.
Iberdrola says the transaction allows it to further enhance its geographic diversification, as the company continues with its strategy to grow in markets with a favourable 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 climate change mitigation policies in place to transform its energy mix – the country plans to have 5 GW of offshore wind capacity operational by 2030. Estimates suggest there could be up to 40 GW of potential for offshore development.