ESB takes stake in 450 MW offshore wind farm

4 December 2019

ESB says it has reached a “milestone” in its low carbon business strategy with the purchase of a 50 per cent stake in the 450 MW Neart na Gaoith (NNG) offshore wind farm.

The Irish utility has purchased half of the equity in the project, developed in Scottish waters by French counterpart EDF.

The deal comes as EDF announced it had reached financial close and started construction on the €2.1 billion project, which is due to start operating in 2023.

Pat O’Doherty, Chief Executive of ESB, said that the significant acquisition represents another key milestone in the company’s investment in offshore wind. “Our 50 per cent stake in Neart na Gaoithe fits entirely with ESB’s Brighter Future strategy to build a balanced low carbon generation portfolio of scale.

“This investment in the Neart na Gaoithe project builds on significant ESB involvement in offshore wind off the Irish coast as ESB develops its experience to assist Ireland deliver its Climate Action Plan.”

EDF bought NNG from Mainstream Renewable Power in May 2018. Offshore construction is set to begin in June 2020.

Neart Na Gaoithe has a 15-year Contract for Difference (CfD) in place at a rate of £114.39 per MWh in 2012 pound sterling, as well as grid connection agreements.



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