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Iberdrola buys into 3-GW DP Energy offshore wind pipeline off Ireland

Spanish utility group Iberdrola SA (BME:IBE) has agreed to acquire majority stakes in a 3-GW offshore wind pipeline in Ireland and in the vehicle promoting it from Irish renewables developer DP Energy, the companies announced on Friday.

DP Energy’s pipeline includes three potential 1-GW projects located off the east, west and south coasts of Ireland, with some eligible to participate in the country’s offshore auctions in 2025-2030.

Of the three, the Inis Ealga and the Clarus projects, sited off the coasts of County Cork and County Clare, respectively, are based on the floating wind technology. The third project, Shelmalere, will use fixed foundations installed in waters off the east coast.

Further development of the portfolio will be the task for a company created by DP Energy, which Iberdrola will get to control from now on.

Financial details of the agreement were not disclosed.

The deal marks Iberdrola’s first step in the Irish offshore wind space and its second partnership with DP Energy. About a year ago, the Spanish group was announced as an investor in DP Energy’s 317-MW hybrid wind and solar project, called Port Augusta Renewable Energy Park, in Australia.

With the latest agreement, Iberdrola’s global offshore wind pipeline grows to over 30 GW, according to the company’s count.

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