Green Investment Group’s Acquisition of Fuinneamh Sceirde Teoranta

Arthur Cox advised Green Investment Group on its acquisition of Fuinneamh Sceirde Teoranta, the developer of the Sceirde Rocks offshore wind-farm in Galway, Ireland. Beauchamps supported the promoters in the development and subsequent sale of this project to Macquarie’s Green Investment Group.

Australian infrastructure giant Macquarie has bought the rights to develop the Sceirde Rocks off-shore wind power to be built 5km off the Connemara coast. Industry sources say the project is likely to involve at least €1bn of investment.

The off-shore wind farm will be large enough to power around 295,000 homes and is the biggest planned off the Atlantic seaboard.

Macquarie’s Green Investment Group has acquired Irish-owned Fuinneamh Sceirde Teoranta (FST), the developer of Sceirde Rocks, which will be built 5km to 8km off the coast near Carna, in Co Galway. Macquarie has been active here as an investor for close to two decades but the project is its first investment in Irish off-shore renewables.

The proposed 400 MW off-shore wind farm will include around 30 to 35 individual turbines and is regarded as being at the vanguard of Ireland’s off-shore energy push, designated as one of seven ‘Relevant Status’ developments by the Department of Environment Climate Action and Communications.

Green Investment Group  is a specialist developer, sponsor and investor with a mission to accelerate the green transition.

The Arthur Cox team was led by Alex McLean (Picture, Energy) and Cian McCourt (Corporate and M&A) and included Amy McDermott and Eoin McCague (Corporate and M&A), Danielle Conaghan and Jacinta Conway (Environmental), Dearbhaile O’Brien (Energy) and David Molloy and Julianne McNicholas (Finance).

The Beauchamps team was led by Ainsley Heffernan and supported by Stuart Conaty, Damian Maloney, John Sweeney and Daire Russell.

Involved fees earner: Danielle Conaghan – Arthur Cox; Jacinta Conway – Arthur Cox; Eoin McCague – Arthur Cox; Cian McCourt – Arthur Cox; Amy McDermott – Arthur Cox; Alex McLean – Arthur Cox; Julianne McNicholas – Arthur Cox; David Molloy – Arthur Cox; Dearbhaile O’Brien – Arthur Cox; Stuart Conaty – Beauchamps Solicitors; Ainsley Heffernan – Beauchamps Solicitors; Damian Maloney – Beauchamps Solicitors; Daire Russell – Beauchamps Solicitors; John Sweeney – Beauchamps Solicitors;

Law Firms: Arthur Cox; Beauchamps Solicitors;

Clients: Fuinneamh Sceirde Teoranta; Green Investment Group;

Author: Federica Tiefenthaler