A new joint venture, which includes Irish-based renewable energy company Source Energie, has secured funding of over €120 million to help fund initial development work for major renewable energy projects in Ireland, Norway and the UK.
The new joint venture Source Galileo was founded by Source Energie and Galileo Green Energy. It will advance 5GW of offshore wind projects, onshore solar power and energy storage in the three target countries.
Galileo Green Energy is a renewable energy company backed by Australia’s HRL Morrison, an alternative asset manager with over AUD 17 billion (EUR 11 billion) in assets under management. Galileo is also supported by Infratil, the Commonwealth Superannuation Corporation and the New Zealand Superannuation Fund.
The wind farms developed by the joint venture will be located tens of kilometers offshore and will ultimately cost billions of euros to build. The company has also built an initial pipeline of solar and storage projects of around 1,000MW across the UK.
The size of each offshore wind energy project in its pipeline is said to be between 500 MW and 2 GW of capacity.
The offshore wind projects will export energy either as electricity directly to the power grids or as green hydrogen that can be piped onshore or stored and released to provide a distributable green energy supply.
Galileo holds a majority stake in the joint venture. Source Energie and Galileo started working together early last year.
Source Energy was founded by its leadership team, including CEO Kevin Lynch. He previously ran Amarenco Renewable Energy from John Mullins.
Mr Lynch said he was pleased that the existing relationship with Galileo “has evolved into a committed joint venture”.
Source Energie’s other founding shareholders include Chief Operating Officer Torben Andersen.
He was Executive Director at Mainstream and also worked at Airtricity. Fintan Whelan, co-founder of Mainstream and former Chief Financial Officer, is now CFO at Source Galileo. Garrett Morrison, Chief Development Officer, previously worked at Amarenco Solar.
The funding is for front-end development of Source Galileo projects.
Source Galileo has also just established a company in Norway – Source Galileo Norge, based in Haugesund – and has appointed industry veteran Gunnar Birkeland as the division’s Chief Executive.
The Norwegian government is aiming to have 30 GW of offshore wind projects active by 2040, necessitating an estimated construction budget of around €60 billion.
Source Galileo is believed to be looking for partnerships in Norway and a deal could be cemented in the coming days.
In Ireland, the government has set a target of having 7 GW of offshore wind power operational by 2030.
In September, Shell exited the Irish offshore wind energy market. Last year, Norwegian company Equinor ended its partnership with ESB as the pair advanced plans for a series of coastal offshore wind projects.
https://www.independent.ie/business/irish/irish-renewables-firm-source-energie-inks-new-120m-joint-venture-42129578.html Irish renewable energy company Source Energie is launching a new €120m joint venture