Construction BUSINESS

Parkwind and ESB have reached an agreement to kick start the offshore wind generation industry in the Republic of Ireland through ESB’s acquisition of up to 35% in the Oriel project. The Oriel project, located in the Irish Sea off the coast of Dundalk, has a capacity of up to 330MW and is planned to begin commercial operations in the early-2020s.

Once operational, the Oriel Windfarm will generate enough capacity to cover the needs of approximately 280,000 households – most of the population in counties Louth and Meath. Oriel will furthermore contribute to the reduction of Ireland’s carbon emissions by 600,000 tonnes per annum.

Parkwind, one of Europe’s offshore wind leading companies, will continue to head the project from its Dublin offices in close collaboration with ESB.

ESB and Parkwind will also work together on the Clogherhead project for which ESB holds a foreshore license to commence site investigations. Parkwind will acquire up to 35% of the Clogherhead project which is intended to be developed as a unique development, under a separate planning application.

Minister for Communications, Climate Action and Environment Richard Bruton TD commented:  “I am determined to make Ireland a leader in climate action. Renewable energy is critical to this ambition. With a sea area almost ten times the size of its landmass, Ireland has very significant offshore wind capacity and this partnership is a testament to our potential in this area.”

Parkwind’s co-CEO Francois Van Leeuw stated: “Parkwind is continuously looking for strategic partnerships when developing projects. This partnership is driven by the strategy of the company which is based on a long-term vision whereby we  not only develop, but also operate our projects. A strong local partner such as ESB is the right match to further execute this strategy. Since its entry into the Oriel project, Parkwind has performed a lot of development activities, opened offices in Dublin and is today delighted to welcome ESB to the Oriel project team. We look forward to working with ESB and local stakeholders in making the Oriel and the Clogherhead projects a success.”

ESB Chief Executive Pat O’Doherty added: “Under our Brighter Future Strategy, ESB is completely transforming the way we generate electricity, replacing high carbon generation with low carbon and renewable alternatives.  Today’s announcement represents a significant investment by ESB in offshore wind, which we anticipate will account for the bulk of Ireland’s future zero carbon electricity.  Our collaboration  with internationally respected developers such as Parkwind in the delivery of the Oriel and Clogherhead projects underscores our commitment to further involvement in the development and construction of offshore wind farms in both Ireland and the UK.”

Established in 2012, Parkwind is a 360 degree company that develops, finances, builds and operates offshore wind farms. With 552MW under operational management, 224MW under construction and 577MW under development, it has become one of Europe’s industry leaders. The combination of the Oriel project and Clogherhead project will make Ireland the second largest market for Parkwind after Belgium. In addition to these two markets Parkwind’s expanding international presence includes significant projects in Germany and France.