Ørsted Has Entered The Irish Offshore Wind Market

Ørsted has announced its entry into the Irish offshore wind industry, signing a deal with Ireland's main utility business, ESB, to construct up to 5GW of offshore wind and associated renewable hydrogen projects.

The first of these offshore wind projects, ORESS 2.1, is scheduled to be completed in the next Irish offshore wind auction.

Simon Coveney, Minister for Enterprise, Trade and Employment, launched the deal in Cork on Friday, attended by ESB's Jim Dollard and Ørsted's Head of UK and Ireland. Ørsted will become a 50% partner in a series of offshore wind energy projects off the coast of Ireland.

The ESB-Ørsted collaboration seeks to contribute to the Irish government's 2030 ambition of deploying 7 GW of offshore wind and, ultimately, to Ireland's transition to net-zero energy.

"We have signed an ambitious Climate Action Plan into law, which includes a goal of generating 80 percent of our electricity from renewable sources." My department's National Industrial Strategy for Offshore Wind will provide additional support. "Today's announcement is a strong vote of confidence in Ireland's long-term future," Minister Simon Coveney stated.

ESB already has a significant renewable energy portfolio, with over 5GW of offshore wind power under construction around Ireland's coast. Among the projects are Oriel Offshore Wind, Clogherhead Offshore Wind, and Celtic Offshore Wind.

Before its agreement with the Norwegian energy company Equinor expired in 2021, ESB had developed the majority of these projects.

Ireland successfully held its first offshore wind auction (ORESS 1) last month. Four projects totaling 3 GW in capacity were awarded. A second round, with extra offshore wind power procured, is anticipated by the end of this year.

Ørsted is combating climate change by revolutionizing the global energy system, using wind power, solar energy and storage technologies, large-scale power purchase agreements, and cutting-edge green energy alternatives like renewable hydrogen.

Today, Ørsted is an established world leader in offshore wind, expanding the presence in the onshore wind sector in Europe and North America. Ørsted is producing enough wind energy in Europe, North America, and Asia to power over 16 million people.

In 1991, Ørsted pioneered the construction of the world's first offshore wind farm. Since then, they have constructed more offshore wind farms than any other firm in the world, and they have broken the record for creating the world's largest wind farm multiple times. Ørsted also has the greatest installed capacity, the most technical knowledge, and the most new projects among offshore wind farm developers.

Offshore wind power is critical to the worldwide green transformation. Offshore wind has progressed from an experimental idea to a mature and competitive technology produced at industrial scale in just a few decades.

Offshore wind power has decreased carbon emissions and contributed to thousands of new jobs and exceptional growth in Denmark, where Ørsted is located.

With a solid Irish onshore portfolio already in place, Ørsted is excited to begin our journey in the Irish offshore market with ESB; the company that delivered electricity to Ireland and now plays a leadership role in the route to net-zero.

This collaboration brings together complementary strengths important to market development and creates an appropriate platform for Ørsted to bring its global expertise in offshore wind delivery to bear in Ireland.

Renewable technologies have the potential to improve energy security.

Energy security, defined by the International Energy Agency as "the uninterrupted availability of energy sources at an affordable price," is influenced by a variety of circumstances, including political instability, energy supply manipulation, accidents, and natural disasters. Renewable energy can promote a more sustainable and secure model of electricity supply for countries that now rely on imported fossil-based energy, which can fluctuate in price.