Fieldfisher Ireland has advised Simply Blue Energy on the deal.
Simply Blue Energy, a Cork-headquartered early-stage developer of transformative and sustainable marine projects, agreed with Shell New Energies, the renewable energy trading, generation and supply arm of global oil and gas major, Shell.
Under the agreement, Shell will acquire 51% of Simply Blue Energy’s Kinsale venture. Kinsale was set up to develop the Emerald project, a floating wind farm in the Celtic Sea, off the south coast of Ireland.
The new joint venture (JV) will be operated by Simply Blue Energy supported by Shell floating wind experts, with the project office based in the Cork City Docklands rejuvenation area.
The partnership combines Simply Blue’s track-record in developing floating wind projects and local knowledge of the Celtic Sea environment with Shell’s offshore experience, floating wind expertise and ability to develop large complex projects.
The advantage of floating wind farms is that they are able to benefit from offshore wind speeds, which are typically faster and steadier than on land, without many of the attendant construction and maintenance challenges associated with building fixed offshore structures.
Floating wind technology can also be installed in deeper waters than fixed wind turbines, meaning the Emerald project can be situated 35-60km offshore, reducing visual impacts. Depending on the size of turbines selected, the first phase of the project will include between 15 and 25 turbines.
The Emerald Project, which will use state of the art floating wind-powered generators and have an initial installed capacity of 300 MW, is a pioneering example of the energy transition. It will be located in the vicinity of the Kinsale gas fields, which are currently being decommissioned.
The project is seen as an important “stepping stone” to enable Ireland to reduce its carbon emissions and help ensure the Irish government meets its climate target of 5GW of offshore wind by 2030.
Feilim O’Caoimh (Picture), corporate partner and head of Fieldfisher’s Dublin renewables team, led on the deal supported by corporate partner Elaine Traynor and solicitor Jamie Woodcock.
Law Firms: Fieldfisher;
Clients: Simply Blue Energy;