21 Feb 2020 | 12:17 pm | 1 min. read
International law firm Pinsent Masons has advised EDF Renewables on its 50% acquisition of the Codling offshore wind project.
EDF Renewables has bought a 50% interest in the Codling offshore wind farm project in Ireland from Hazel Shore. Pinsent Masons advised EDF Renewables throughout the negotiations and transaction.
This acquisition comes after the Irish Government set out the country's clear commitment to reduce carbon emissions and to grow renewables to provide 70% of electricity generation by 2030. Offshore wind is expected to deliver at least 3.5 GW in support of reaching this target. Over the next few years, project development will continue with the intention that Codling will make a significant contribution to achieving the Irish Climate Action Plan targets.
The Codling project is located south of Dublin, 13 km off the coast of County Wicklow and initial development work started in 2003. Codling is spread across two sites, one of which, Codling 1 is consented. The project should provide around 1 GW of installed capacity.
Paul Rice, Global Head of Energy at Pinsent Masons said, "This has been an exciting project to work on with EDF Renewables and is another example of a major player pledging significant commitment and investment into the Irish offshore market. Ireland has one of the strongest offshore wind resources in the world, but has historically lagged behind competition. This transaction signals a step-change as a new wave of developers seek out opportunities to generate and sell power in the region."
Oisín McLoughlin, Senior Associate at Pinsent Masons added, "As Ireland grapples with its climate commitments, it also needs to think about how it will meet future electricity demand and EU renewable targets. Offshore wind will play a key role in this new energy mix as it is the only technology with the scale and deployment capacity to meet this demand in a transformative way. For example, it has been reported that demand for power in Dublin alone will double by 2028, which will be down to expanding population, economy and the increasing number of data centres being located in the region."
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