Plans for a £1bn-plus investment in floating offshore windfarms in the Celtic Sea, with capacity to provide the energy needs of half the homes in Wales, have been revealed.
Pemobroke Dock-based energy developer Hiraeth Energy has agreed heads of terms with Norwegian firm Magnora Offshore Wind to co-develop two floating offshore wind projects - Môr Glas and Môr Gwyrdd - in the Celtic Sea with capacity to generate up to 700 megawatt of wind energy.
The partnership is committed to 10% community ownership in the projects. Môr Glas would be 45 kilometres off the West Wales coast and Môr Gwyrdd 75 kilometres.
Subject to planning and all licences from the Crown Estates the projects could be operational by 2030.
While details on how the two projects would be financed have yet to revealed, Hiraeth Energy said the tie-up will see Magnora funding them through the agreement for lease process with the Crown Estate.
Joseph Kidd, partner at Hiraeth Energy, said: “The climate and nature emergencies demand urgent action from governments, regulators, developers and investors. This investment from Magnora, a leading clean energy specialist, will help Wales in its ambition to create a zero-carbon economy, whilst clearly demonstrating the benefits of local ownership for the people of Wales.
"We will develop our projects according to best practice in sustainability, and we will work closely with stakeholders to ensure that we maximise the benefits of our projects for nature and to the people of Wales.”
Kristin Gjertsen, managing director of Magnora Offshore Wind said: “We are progressing the expansion of our pipeline of offshore wind projects, and act on opportunities with strong, committed and competent partners.
"Together with Hiraeth Energy we believe that we represent a progressive approach to the development of offshore wind projects, creating long-term value in all project phases.”
Jess Hooper of Marine Energy Wales, the industry body for the marine energy sector, said: “The potential for floating wind development in the Celtic Sea is huge and is attracting interest from developers around the world. Marine Energy Wales is delighted that the partnership between Hiraeth Energy and Magnore Offshore Wind has such a strong focus on maximising the benefits to Wales, and commitment to enabling community ownership in its project.”
