Irish ESB Buys Into Galloper Offshore Wind Farm

Business & Finance

March 29, 2018

Ireland’s state owned electricity company Electricity Supply Board (ESB) has acquired a 12.5% stake in the 353MW Galloper offshore wind farm from Macquarie Capital.

Commenting on the acquisition, ESB Chief Executive Pat O’Doherty said: “This investment represents a significant first step for ESB into offshore wind generation. Renewable electricity is a key enabler in the transition to a low carbon economy, and ESB expects offshore wind to play a pivotal role in this transition.”

Development and construction of the GBP 1.5 billion Galloper offshore wind farm has been led by innogy SE (25%) on behalf of its project partners: UK Green Investment Bank (25%), Siemens Financial Services (25%), and Macquarie Capital together with Sumitomo Corporation (25%, with each holding 12.5%). The installation of the 56th and final Siemens Gamesa wind turbine was completed in December 2017, and the project is scheduled to be officially put into operation this spring.

“Our investment in the Galloper wind farm underscores ESB’s commitment to further involvement in the development and construction of wind farms off the coast of Ireland and Britain, as part of the transition to a brighter, low carbon future,” O’Doherty said.

In February, news emerged on ESB applying for two investigative foreshore licences, through its company Hibernian Wind Power, as part of a plan to set up 500MW of offshore wind capacity off Ireland’s East Coast. As a reply to Offshore WIND’s enquiry, ESB then said that it was working on early and mid-stage development opportunities in Ireland and the UK.