Fieldfisher are delighted to have advised on Simply Blue Groups latest deal - an agreement with Shell that will see Shell acquire a 51% share of Simply Blue's Western Star venture, which seeks to develop a floating wind farm off the Clare coast in Ireland.
This follows a similar agreement earlier this year to jointly develop the Emerald floating wind project off the south coast of Ireland. The Western Star Joint Venture will be developed by Simply Blue Group personnel and Shell floating wind experts, with the project office based at Simply Blue Group Headquarters in Cork.
The project aims to harness the vast floating wind potential in the Atlantic Ocean off the west coast of Ireland. The joint venture will seek to co-develop up to 1.35GW in total: 300MW-450MW in the first phase with 700MW-900MW to follow. This is equivalent to powering over one million Irish homes.
Hessel de Jong, Offshore Wind General Manager Europe, Shell, said: “Shell has a clear ambition to be a net-zero emissions energy business by 2050, in step with society. We aim to provide more renewable power to consumers and businesses alike. Working alongside coastal communities to create shared value is key to success for both the Western Star floating wind project and the previously announced Emerald project, which is why we have chosen to work with Simply Blue Group.”
Hugh Kelly, Co-Founder and Chief Commercial Director, Simply Blue Group, said, “There is tremendous wind potential off the West Coast of Ireland and Simply Blue Group are delighted to partner once again with Shell to jointly develop the Western Star project. The project will utilise floating offshore wind technology to produce zero-carbon electricity and will greatly help Ireland progress towards a green energy future with domestically sourced sustainable electricity delivering both environmental and economic benefits to the entire country. Simply Blue Group are committed to developing floating offshore wind projects in Ireland.”
Floating wind technology can be installed in deeper waters than fixed wind turbines allowing this project to be placed 35km – 60km offshore, keeping visual impact to a minimum. The first phase of the project could include between 15MW and 18MW turbines.
The assembly, installation and deployment of these turbines could stimulate hundreds of high-quality jobs in the local supply chain. Long-term operations and maintenance of the turbines will also require local skills and services to support this industry.
Speaking on Fieldfisher's involvement in the deal, Head of Corporate and Renewables Feilim O'Caoimh commented: "We are thrilled to have advised Simply Blue on yet another exciting project which will advance the ambitions of the floating offshore wind sector."
Feilim led the Fieldfisher team involved in the transaction and was assisted by Elaine Traynor, Corporate and Renewables Partner and Jamie Woodcock, Corporate and Renewables Solicitor.
Feilim and Elaine recently hosted an event which looked at the future of floating offshore wind. You can read more about the points discussed here, or alternatively the recording is available here.
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