Macquarie's GIG acquires 400MW Sceirde Rocks offshore wind farm

Macquarie's GIG acquires 400MW Sceirde Rocks offshore wind farm

10 Sep 2021

Green Investment Group (GIG) has acquired Fuinneamh Sceirde Teoranta (FST), the developer of the projected 400MW Sceirde Rocks offshore wind farm located in Galway Bay, Ireland. The financial terms of the deal were not disclosed by the Macquarie Group subsidiary.

The project marks the first offshore wind power investment by GIG in Ireland and will generate enough electricity to supply up to 295,000 households. The Irish wind farm is also expected to offset carbon emissions by up to 457 kilotonnes (Kt) emissions each year and is planned to be built approximately 5km to 8km off the Carna coast in County Galway.

The Sceirde Rocks offshore wind farm is projected to play a significant role in helping Ireland in meeting its objective of 70% renewable energy by 2030. To meet the goal, the country is allowing more than 5GW of offshore wind capacity to be developed by the end of 2030.

Furthermore, Sceirde Rocks is developed to increase Ireland's domestic energy generation. It will also enhance the energy supply security of the country by bringing down its dependence on imported coal, oil, and gas.

For more information, please visit EICDataStream.

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