Renewable energy powerhouse invests in Wicklow/Wexford offshore wind farm

November 3rd 2023

Dublin and London-based renewable energy company Source Galileo has announced that Ingka Investments has invested in their portfolio of Irish offshore wind projects, including the Mac Lir Offshore Wind Farm project off the coast of Wicklow and Wexford.

The move sees Ingka Investments, the investment arm of Ingka Group (the largest IKEA retailer), secure a 20 per cent stake in the offshore wind project portfolio of Source Galileo, who are developing 10GW of offshore wind to electricity and hydrogen production off the coasts of Europe.

The Mac Lir Offshore Wind Farm project is in the early development phase. At their nearest point, its proposed wind turbines will be over 22 kilometres off the east coast, lying entirely outside Ireland’s 12 nautical mile foreshore limit.

The offshore area, which spans from south of Arklow to Cahore Point, has been strategically selected to reduce visibility from the coast, limit environmental and economic impacts and harness the stronger wind speeds found further offshore.

It proposes an installed capacity of 700 MW+, which equates to approximately 15 per cent of Ireland’s commitment to achieve 5GW of offshore wind by 2030. The installation of circa 47 turbines has the potential to meet the needs of over 600,000 households and would offset over one million tonnes of carbon emissions each year.

Source Galileo will commence work on an environmental impact assessment for the project, to submit the project for planning approval in late 2026 and to have it in operation by 2030.

A process of public consultation will commence with a series of engagements with public representatives in Wicklow and Wexford over the coming weeks, followed by a series of wider public consultation activities.

Kevin Lynch, CEO of Source Galileo said: “The significance of the investment from Ingka is transformational for offshore wind in Ireland.

"Ireland is expected to develop at least 20GW of offshore wind by 2040, starting from pilot projects today, as a contribution to meet Europe’s climate goals. The commitment from Ingka Investments, in partnership with Source Galileo, to help deliver on these targets is enormous”.

About Source Galileo

"With Ingka Investments on board, our offshore portfolio can generate substantial clean renewable energy direct to homes and businesses across Ireland"

Gina Cassidy, COO of Source Galileo

Gina Cassidy, COO of Source Galileo added: “With Ingka Investments on board, our offshore portfolio can generate substantial clean renewable energy direct to homes and businesses across Ireland, in addition to bringing economic benefits to local communities through job creation and support for clean energy infrastructure.”

“This partnership is a further step to expand our investment activities to address climate footprint reduction well beyond our retail consumption, and into the IKEA value chain,” commented Frederik de Jong, Head of Renewable Energy at Ingka Investments.

“We are looking forward to working closely with Source Galileo to make a significant contribution to the achievement of Ireland, the UK and Europe’s decarbonised energy goals.”

The investment by Ingka Investments is part of its €6.5 billion initiative to support 100 per cent renewable energy consumption across the IKEA value chain and beyond. Ingka Investments has invested and committed more than €4 billion into renewable energy projects to date.

Ingka Investments is already partnered with Source Galileo to develop offshore floating wind in Norway, alongside one of the largest Japanese utilities, the Kansai Electric Power Co. Inc. and market-leading Norwegian provider of floating offshore wind technologies, Odjfell Oceanwind.

Joined together in the UtsiraVIND Consortium, the partners are currently finalising their bid for the upcoming Utsira Nord tender process to develop, build and operate a floating wind farm off the west coast of Utsira in Norway.