Pinsent Masons has advised offshore wind-energy developer Ocean Winds on a partnership with Bord na Móna to develop projects that will generate up to 2.3GW of renewable electricity to power up to 2.1 million homes by 2030.
The joint venture initially incorporates two potential projects – Réalt na Mara, off the coast of Dublin and Wicklow; and Celtic Horizon, off the coast of Wexford and Waterford.
The deal combines Ocean Winds’ development experience with Bord na Móna’s expertise in power generation, project development, and operation.
Pinsent Masons advised Ocean Winds on all aspects of the deal, including the foreshore lease applications and consenting processes, corporate structuring and drafting of all corporate documents, including the joint-venture, share-purchase and shareholder agreements.
The team was led by energy partner Garrett Monaghan alongside consenting and planning partner Kevin Collins, assisted by Shani Stallard, John Scanlon, Susan Kinlan, and Muireann Morrissey.
Garrett Monaghan said: “Ireland needs to maintain real pace in creating the optimum legal, regulatory and commercial conditions to attract companies who can deliver on the Irish Government’s ambitious Climate Action Plan targets.
“Balance-sheet strength is not enough on its own – prospective developers need to demonstrate expertise in project delivery, and demonstrable technical and engineering capabilities.
“Ocean Winds is at the forefront of Offshore Wind development worldwide, and it is crucial that this calibre of developer is active in the Irish offshore renewables sector,” he said, adding that the project is a significant milestone in the Irish energy sector.