The leading developer behind Moneypoint’s offshore wind project is set to pull out of the Irish market.
The Irish Examiner reports Equinor, who have been in partnership with the ESB since 2019, are dissatisfied with the regulatory and planning regime in the State.
Earlier this year, the ESB and the Norwegian company announced details of the project in West Clare, with the intention to begin supplying energy by 2028.
It’s been estimated that one and a half million homes could be powered by Moneypoint if the project gets the green light, with the plant set to cease coal burning by 2025.
Now, the Irish Examiner suggests Equinor has pulled out of the €2 billion euro deal, and the Irish market as a whole.
Work was being prepared on a planning application for the project when the news emerged.
In a statement this morning to Clare FM, ESB says it ‘remains fully committed to developing and delivering a major portfolio of offshore wind projects in Irish waters’.
The utility makes no reference directly to Moneypoint in its statement, but does note that it’s ‘disappointed’ by the decision.
It says the move doesn’t diminish their ambition to deliver offshore wind, and that they’re confident they’ll still have a ‘significant role’ to play in such projects up to 2030 and beyond.
ESB statement:
ESB remains fully committed to developing and delivering a major portfolio of offshore wind projects in Irish waters following the decision by Equinor not to continue with offshore wind development in Ireland at this time.
ESB signed a cooperation agreement with Equinor, a leading developer of fixed and floating offshore wind, in 2019. Since then, both companies have worked closely together to identify and develop a portfolio of offshore projects around the east, south and west coasts of Ireland. Significant preparation work, including foreshore licence applications, has been completed and ESB believes that these projects will make an important contribution to the Programme for Government’s target of 5GW of offshore wind by 2030.
Following a review by Equinor of its strategy to develop profitable growth in renewables, they decided to stop their early phase offshore wind activities in Ireland, in part due to the local regulatory uncertainty. Equinor has conveyed that they were very impressed with ESB’s professionalism and capability and that they wish ESB every success as they continue to develop a portfolio of offshore wind projects in Irish waters.
While ESB is disappointed with the decision by Equinor to withdraw from Irish offshore wind development, this in no way diminishes the ambition of ESB to deliver an offshore wind portfolio of scale in our home market. The ESB team is making strong progress on the development work associated with an exciting multi-GW portfolio of projects. The first of these projects, Oriel Wind Farm in partnership with Parkwind, will enter into the first offshore wind renewable auction in 2022.
We are confident that ESB will have a significant role to play in the delivery of new offshore wind in Ireland, both fixed and floating, to 2030 and beyond.
