DP Energy makes big splash with Irish offshore deal

Cork-based renewable energy developer DP Energy and Spanish energy giant Iberdrola have agreed a deal to develop three offshore wind projects off the coast of Ireland, with Iberdrola acquiring a 3GW pipeline of offshore wind and a majority stake in DP Energy’s Irish offshore business.

At least two of the three potential 1 GW projects are expected to be operational between 2028 and 2030 and will significantly contribute to Ireland’s Climate Action Plan target of 70 % renewable electricity by 2030.

Supporting post-2030 Government aspirations of 30GW of offshore renewables, the new Iberdrola-DP Energy joint venture will also be responsible for developing future offshore wind pipeline in Ireland.

Offshore wind is set to become a major part of the Irish renewable energy mix, with Government targets aiming to have at least 5GW of projects energised by 2030. DP Energy has been developing its early stage projects off the Irish coast since 2016 and today’s announcement will provide the foundation for the delivery of the projects.

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.”

DP Energy and Iberdrola are already working 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.

The projects involved in the DP-Iberdrola deal include the Inis Ealga Project off the coast of Co. Cork, and the Clarus Project off the coast of Co. Clare – both based on floating wind technology. Further developments to be announced off the east coast are expected to be based predominantly on fixed foundation technology.

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Note: About DP Energy

DP Energy has developed some 400 MW of built wind energy plant, generating enough electricity to power some 100,000 homes every year. The company has a further 1,500MW of both wind and solar projects which are consented, in planning or at a very late stage of development and ready to enter construction across Australia, Ireland, the UK and Canada.

DP Energy is also an early mover in the Ocean Energy space with tidal energy projects in both Canada, and prospective sites in Scotland and Northern Ireland. It is also working toward a position in the future wave energy market with particular focus on the Irish west coast.