International investment bank Macquarie buys Irish offshore wind farm development

The bank has acquired Fuinneamh Sceirde Teoranta, the developer of the proposed Sceirde Rocks offshore wind farm off the Galway coast

It is proposed that Scierde Rocks will be a 400-megawatt wind energy project, located offshore Galway and capable of generating enough energy to power up to 295,000 homes. File picture

International investment bank Macquarie has acquired a planned offshore Ireland wind energy project for an undisclosed sum.

The bank has acquired Fuinneamh Sceirde Teoranta (FST) from its existing Irish shareholders. 

FST is the developer of the proposed Sceirde Rocks offshore wind farm, which is likely to be one of the first wave of such projects earmarked for delivery in Irish waters by 2030.

Macquarie has made the acquisition via its Green Investment Group – or GIG – investment vehicle.

It is proposed that Scierde Rocks will be a 400-megawatt wind energy project, located offshore Galway and capable of generating enough energy to power up to 295,000 homes.

Industry sources have suggested the capital spend needed to develop the project will be about €1bn. The project has already been designated as one of seven ‘relevant status’ developments by the Department of Environment.

Ireland has an objective of achieving 70% renewable energy by 2030. To achieve this, more than five gigawatts of offshore wind energy is expected to be developed by the end of the decade.

The project is expected to reduce Irish carbon emissions by up to 457 kilotonnes of CO2 per year.