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Ireland Focuses On Wind Energy: Inis Offshore Wind Plans 1 GW Offshore Wind Power Capacity

Dublin, Ireland - Temporis Investment Management (Temporis) today announced the launch of Inis Offshore Wind. The new Irish renewable energy company aims to develop at least 1 GW of offshore wind capacity off the coast of Ireland by 2030.

Inis Offshore Wind has identified five potential project sites for assessment off the East and West Coasts of Ireland as well as in the Celtic Sea. Should the initial East Coast projects progress successfully, these could each bring about 500MW of renewable capacity into production by 2030. The initial projects would enable €2-3 billion of capital investment, Temporis said.

The new venture, Inis Offshore Wind, will be funded by a total of EUR 126 million through the Temporis Aurora Fund, the Ireland Strategic Investment Fund (ISIF) and other institutional investors from the EU, the UK and the US. The fund, established three years ago and managed by Temporis, provides a dedicated pool of long-term development capital to support Ireland's energy transition over the next decade, in line with the Irish State's Climate Action Plan.

Inis Offshore Wind will be led by former Ørsted executive Vanessa O'Connell.

In the Irish government's plans to decarbonize the country, offshore wind energy plays a crucial role. Based on the National Energy and Climate Change Plan, Ireland aims to install a total of 5 GW (5,000 MW) of offshore wind capacity by 2030. Ireland's only coal-fired power plant (Moneypoint), with a capacity of 915 MW, is scheduled to be permanently taken off the grid by 2025 at the latest.

Source: IWR Online, 11 Oct 2021