The partnership is a significant step in meeting the Irish government’s ambitious targets to achieve up to 80 per cent of the country’s electricity from renewable sources by 2030, with 7GW from offshore wind. A key objective to meet this target includes the deployment of international best practice and experience from the outset of project development. This joint venture combines Ocean Winds’ international development experience with Bord na Móna’s domestic expertise and established track record in power generation, project development and operation.
The joint venture initially incorporates two potential projects - Réalt na Mara, off the coast of Dublin and Wicklow, and Celtic Horizon, off the coast of Wexford and Waterford.
Pinsent Masons advised Ocean Winds on all aspects of the deal, including the foreshore lease applications and consenting processes, corporate structuring and drafting of all corporate documents including the joint venture, share purchase and shareholder agreements. The team was led by energy Partner Garrett Monaghan alongside consenting and planning Partner Kevin Collins, assisted by Shani Stallard, John Scanlon, Susan Kinlan and Muireann Morrissey.
Garrett Monaghan said, “Ireland needs to maintain real pace in creating the optimum legal, regulatory and commercial conditions to attract companies who can deliver on the Irish Government’s ambitious Climate Action Plan targets. Balance sheet strength is not enough on its own, prospective developers need to demonstrate expertise in project delivery and demonstrable technical and engineering capabilities.
Ocean Winds is at the forefront of Offshore Wind development worldwide and it is crucial that this calibre of developer is active in the Irish Offshore Renewables sector. We are delighted to have advised Ocean Winds on this partnership, which is a significant milestone in the Irish energy sector.”
Pinsent Masons advises projects across the Irish energy sector including offshore wind, solar, thermal and storage.
The Joint Venture between Ocean Winds and Bord na Móna was launched in Dublin with a keynote address from Tánaiste and Minister for Enterprise, Trade and Employment Leo Varadkar TD, who said,
“The Irish Government recognises our geographic and climate advantages in terms of wind energy and is developing public policy proposals to support this. This joint venture is a momentous step towards our commitment to produce most of our electricity from renewable sources – up to 80% – by 2030.”