Spanish electric utility company Iberdrola has entered the Irish offshore wind market, with a 3GW acquisition deal with DP Energy.
Under the deal, the company will acquire majority stake in three projects on the east, west and south coasts of the country.
The projects are eligible for the forthcoming offshore auctions in 2025-2030.
The acquisition also includes two floating offshore wind projects, the Inis Ealga wind farm on the south coast of Co Cork and the Clarus project on the west coast of Co Clare.
Once operational, the three projects are expected to generate enough green energy to power the equivalent of 2.6 million households in Ireland.
As part of the deal, Iberdrola will also acquire in a development company created by DP Energy for the wind pipeline in Ireland.
In Australia, DP Energy and Iberdrola are currently working on the development the Port Augusta Renewable Energy Park, a 317MW hybrid wind and solar project.
The latest acquisition enables Iberdrola to further enhance its geographic diversification.
In addition, it allows the Spanish company to position itself in the nascent Ireland’s offshore wind market.
The Irish government is planning to install 5GW of offshore wind capacity operational by 2030. According to estimates, the potential for offshore development in the country could be up to 40 GW.
Iberdrola stated: “This agreement in Ireland fits with Iberdrola’s strategy to consolidate its position as the world’s largest renewable energy company and builds on previous transactions and investments in offshore wind carried out by the company in recent years.”
Recently, Iberdrola announced plans to double its renewable energy capacity, with an investment of €75 billion for the period 2020-2025.
In Ireland, the company plans to invest up to €100 million in new renewable and storage projects by 2025.