Spanish multinational energy firm Iberdrola has expanded its presence in the Irish renewable energy sector by signing a deal with DP Energy.
Iberdrola will acquire DP Energy’s offshore wind energy pipeline of 3GW.
The acquisition includes the Inis Ealga floating wind energy project on the south coast of Co Cork and the Clarus project on the west coast of Co Clare.
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.
Iberdrola will also acquire a majority stake in a company created by DP Energy to construct the projects.
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.
In Ireland, Iberdrola plans to invest up to €100 million ($121.1 million) in new renewable and storage projects by 2025.
Recently the company launched a major €75-billion ($91 billion) investment plan for the period 2020-2025, with the aim of doubling its renewable energy capacity while seizing the opportunities created by the energy revolution facing the world’s leading economies.