Iberdrola to acquire majority stake in 3-GW offshore wind pipeline in Ireland

Iberdrola SA has agreed to acquire a majority stake in DP Energy's 3-GW offshore wind pipeline in Ireland for an undisclosed sum.

Under the deal, Iberdrola will also own a majority stake in a company created by DP Energy to develop the offshore wind pipeline. The company said in a Feb. 5 news release that some of the projects will be eligible for the forthcoming offshore wind auctions in 2025 to 2030.

The projects include the Inis Ealga wind farm off the south coast of County Cork and the Clarus project off the west coast of County Clare.

The deal marks Iberdrola's entry into the offshore wind market in Ireland, where it already manages and develops onshore wind projects and battery storage schemes. The Irish government plans to have 5 GW of operational offshore wind capacity by 2030.

Iberdrola said it plans to invest up to €100 million in new renewable and storage projects in Ireland by 2025.