Macquarie’s GIG acquires 400-MW Irish offshore wind project

Green Investment Group Ltd (GIG), part of Australian investment bank Macquarie Group Ltd (ASX:MQG), has acquired the developer of the 400-MW Sceirde Rocks offshore wind project in Galway in the West of Ireland.

Sceirde Rocks is one of the seven “Relevant Status” projects designated by the Department of Environment, Climate Action and Communications, which makes it well placed to be among the first offshore wind projects for delivery in Ireland by 2030, GIG said today.

The developer of the project acquired by GIG is Fuinneamh Sceirde Teoranta.

Development work on the scheme is expected to continue for a number of years, according to the announcement.

The project will work within the new planning framework to be established by the Maritime Area Planning Bill to complete its design ahead of submitting a planning application.

Ireland has a 70% renewable electricity target by 2030 and the development of over 5 GW of offshore wind is expected to help reach that objective, GIG noted.

GIG project director Seamus McCabe said Sceirde Rocks is going to be a flagship development for the West of Ireland. “It offers an exciting opportunity to launch a new industry along the Atlantic Economic Corridor, supporting a range of jobs and creating economic opportunities that will bring people back to Connemara,” McCabe added.

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