Spanish energy giant buys stake in Cork and Clare offshore wind farms

The projects will power 2.6 million households

The projects involved in the deal include the Inis Ealga Project off the east coast of Cork and the Clarus Project off the coast of Clare. Picture: iStock

Spanish energy giant Iberdrola is buying a majority stake in a portfolio of wind farm projects off the South and West coasts being developed by Cork renewable firm DP Energy.

The projects involved in the deal include the Inis Ealga Project off the east coast of Cork and the Clarus Project off the coast of Clare – both based on floating wind technology with the fixed foundation Shelmalere wind development off the east coast also included in the deal.

Once operational, Iberdrola said the projects will generate enough green energy to power the equivalent of 2.6 million households in Ireland.

The overall potential capacity of the deal is as high as 3GW of power which the companies said will support Ireland's post-2030 aspirations of 30GW of offshore renewables. At least two of the three potential 1 GW projects are expected to be operational between 2028 and 2030.

Based in Buttevant, North Cork, DP Energy is already working with Iberdrola on the Port Augusta Hybrid Wind and Solar Project in South Australia. The 320MW project is currently under construction and is expected to be operational toward the end of 2021.

Iberdrola said it plans to invest up to €100 million in new renewable and storage projects by 2025. Existing projects include the repowering of the Barnesmore wind farm in County Donegal, and the Rigged Hill and Corkey projects in Northern Ireland, all of which include storage. It is also building the country's largest battery facility in Gorman (50MW), which will be operational in 2021.

DP Energy CEO, Simon De Pietro, said: “I’m thrilled Iberdrola has decided to enter the Irish offshore wind space, and to do that in partnership with DP Energy. Our two companies are already involved in a successful collaboration in South Australia and this next venture, in our home country, will increase the availability of low-cost green electricity for homes and businesses across Ireland and take us closer to helping achieve the country’s ambitious Net Zero targets.”