Ireland is set to benefit from a new agreement between Statkraft and investment management firm Copenhagen Infrastructure Partner (CIP) in which up to 2.2GW of offshore wind will be developed.
Statkraft intends to scale up its offshore wind generation sector in Ireland. CIP will support the renewable developer in this goal via the acquisition of a 50% stake in its offshore wind portfolio with commitments for both to invest up to £3.5 billion (€4 billion) by 2030.
The partnership includes a range of projects being created as part of the North Irish Sea Array and the Bore Array. The financial terms of the deal have not been revealed.
The North Irish Sea Array is an offshore wind energy project proposed for an area off the coast of the counties Dublin, Meath, and Louth, with a planning application scheduled to be submitted this year. Commencement of operations is anticipated for 2026.
Bore Array is a proposed Phase 2 offshore wind farm that is set to be developed within the Celtic Sea.
“The need for energy security and decarbonisation has never been as important, or urgent, as it is today. Ireland has a wealth of renewable energy resources right on its doorstep – energy that has largely remained untapped. Statkraft and CIP will now work together to bring that clean, green power to the Irish people,” said David Flood, head of Offshore Wind at Statkraft.
“This deal marks a major development for Statkraft in Ireland as we scale up our offshore wind ambitions across Northern Europe. The country’s maritime area makes it ideal for large-scale offshore wind energy production – energy we can deliver in partnership with CIP.
“The company’s track record in offshore wind coupled with our development expertise will enable us to harness the energy of the wind in the Irish Sea to create a green energy system designed for a decarbonised future.”
Analysis conducted by energy specialists Baringa recently found that consumers based in Northern Ireland were able to avoid paying a collective total of £500 million thanks to wind farms having provided 42% of the nation’s electricity for the year.
One of the primary reasons for the avoidance of paying extra on energy bills is that the wind energy generation actually prevented large imports of gas. This could have been costly given the volatility witnessed within the wholesale market since late 2021.
With its northern neighbour already bolstering its wind sector, due to the unique geographical potential of the region, the Republic of Ireland is set to further expand its own wind sector and become a major player within the European market.
“We are very pleased to be entering the Irish offshore market and look forward to developing these exciting projects together with Statkraft,” said Nischal Agarwal, partner at CIP.
“In combining CIP’s industrial background and international experience within offshore wind with Statkraft’s experience of Irish renewables, the partnership will enable the provision of renewable power to Irish homes and businesses and contribute to reaching the government’s ambitious decarbonisation targets.”
