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Irish renewables firm Source Energie inks new €120m joint venture


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A new joint venture that includes Irish-founded renewable energy firm Source Energie has secured more than €120m in funding to help it bankroll initial development work of major renewable energy projects in Ireland, Norway and the UK.

The new joint venture, Source Galileo, has been established by Source Energie and Galileo Green Energy. It will progress 5GW of offshore wind projects, onshore solar and energy storage in the three target countries.

Galileo Green Energy is a renewables company that’s backed by Australia’s HRL Morrison, an alternative asset manager with more than A$17bn (€11bn) under management. Galileo is also supported by Infratil, the Commonwealth Superannuation Corporation, and the New Zealand Superannuation Fund.

The windfarms being developed by the joint venture will be located dozens of kilometres from shore and will eventually cost billions of euros to construct. An initial pipeline of solar and storage projects of approximately 1,000MW has also been established across the UK by the company.

The size of each offshore wind energy project in its pipeline is slated to be between 500MW and 2GW of capacity.

The offshore wind projects will export energy either as electricity directly to electricity grids or as green hydrogen, which can be piped to shore or stored and released to provide dispatchable green energy supply.

Galileo has a majority stake in the joint venture. Source Energie and Galileo initially started working together early last year.

Source Energie was founded by its executive team, including CEO Kevin Lynch. He previously headed John Mullins’ Amarenco Renewable Energy.

Mr Lynch said that he was pleased the existing relationship with Galileo had “evolved into a dedicated joint venture”.

The other founding shareholders of Source Energie include chief operating officer Torben Andersen.

He was an executive director at Mainstream, and also worked with Airtricity. Fintan Whelan, a co-founder of Mainstream and its former chief financial officer, is now CFO at Source Galileo. Garrett Morrison, its chief development officer, previously worked at Amarenco Solar.

The funding will pay for the front-end development of Source Galileo’s projects.

Source Galileo has also just established a company in Norway – Source Galileo Norge, based in Haugesund – and appointed industry veteran Gunnar Birkeland as its chief executive of the division.

The Norwegian government aims to have 30GW of offshore wind energy projects active by 2040, which will involve an estimated construction spend of about €60bn.

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It’s believed that Source Galileo has been pursuing partnerships in Norway and that a deal could be cemented in the coming days.

In Ireland, the government has set a target of having 7GW of offshore wind energy in operation by 2030.

In September, Shell exited the Irish offshore wind energy market. Last year, Norway’s Equinor ended its partnership with the ESB as the pair advanced plans for a number of offshore wind projects around the coast.

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