Iberdrola Buys Irish Offshore Wind Portfolio in Global Push

Bookmark

Iberdrola SA bought a majority stake in a portfolio of offshore wind farms off the coast of Ireland from DP Energy.

The deal is the latest expansion into a new country for Iberdrola as the Spanish utility positions itself to be the world’s biggest producer of renewable power.

The Irish wind farms are in three clusters off the east, west and south coasts of the country and will have a total capacity of 3 gigawatts. Some of the projects will be eligible for Ireland’s auctions of clean-energy contracts later this decade, the company said in a statement.

Two of the wind farms, Inis Ealga off the south coast and Clarus off the west coast, will use floating technology for the turbines. The technology is generally more expensive than turbines fixed to the seabed, but are a way to expand offshore wind to more locations where the seabed is deeper.

Iberdrola started last year on a 75 billion euro ($90 billion) spending spree through 2025 to triple its renewable power capacity by 2030. The expansion into Ireland follows acquisitions last year to acquire offshore wind farm developments in Japan, Sweden and Poland. The company now has more than 30 gigawatts of offshore wind projects in various stages of development.

©2021 Bloomberg L.P.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.