Turbulent year for offshore developers casts shadow on future projects in Ireland

On a European-wide scale, the weighted average cost of capital for offshore wind projects has risen by approximately three to four percentage points from 2020 to 2024

Ireland's first and only operational offshore wind farm at the Arklow Bank Wind Park (Phase 1), off the coast of Arklow, Co. Wicklow. Constructed in 2003/04, the seven wind turbines have a capacity of 25.2 MW and they are owned and operated by GE Energy. By Neil Michael (16.11.21)

A turbulent year so far for offshore wind has cast a shadow on the outlook for the industry, especially as major players withdraw their interest in developments.

The most recent event that rocked the industry in Ireland was Europe's largest producer of renewable energy, Statkraft’s announcement that it is pulling out of offshore projects and refocusing on onshore renewables.