Temporis-backed Inis Offshore Wind launches with plans to develop at least 1GW of Irish offshore wind capacity by 2030

Monday, 11 October, 2021 - 14:45
(l to r): Austin Coughlan, Head of Temporis Aurora Fund and Director of Inis Offshore Wind;  Vanessa O’Connell, Head of Inis Offshore Wind and Aoife Galvin, Senior Offshore Project Manager, Inis Offshore Wind, who joined from ESB (pict. ReputationInc)
(l to r): Austin Coughlan, Head of Temporis Aurora Fund and Director of Inis Offshore Wind; Vanessa O’Connell, Head of Inis Offshore Wind and Aoife Galvin, Senior Offshore Project Manager, Inis Offshore Wind, who joined from ESB (pict. ReputationInc)

Temporis Investment Management (“Temporis”) has announced the launch of Inis Offshore Wind, a new Irish renewable energy firm with plans to develop at least 1GW of offshore wind capacity by 2030. This would constitute a significant contribution to Ireland’s offshore wind targets and provide enough electricity to power over 800,000 homes. Inis Offshore Wind has identified five potential project sites for assessment off the East and West Coasts of Ireland as well as in the Celtic Sea. Should the initial East Coast projects progress successfully, these could each bring about 500MW of renewable capacity into production by 2030. The initial projects would enable €2-3 billion of capital investment.

Inis Offshore Wind is funded through the Temporis Aurora Fund (“the Fund”), by the Ireland Strategic Investment Fund (ISIF) and other institutional investors from the EU, UK and US totalling €126m. Established three years ago and managed by Temporis, the Fund provides a dedicated pool of long-term development capital to support the Irish energy transition over the next decade, in line with the Irish State’s Climate Action Plan.
Inis Offshore Wind provides a direct benefit to the people of Ireland through ISIF’s investment and intends to work with all stakeholders of the Irish offshore community to deliver a new green industry for Ireland with strong job creation across the country aligned with Ireland’s pathway to Net Zero.  The Fund has appointed former Ørsted executive Vanessa O’Connell to head up Inis Offshore Wind.

Austin Coughlan, Head of the Temporis Aurora Fund, said: “We are delighted to announce the establishment of Inis Offshore Wind and the appointment of Vanessa O’Connell as Head of Inis Offshore Wind. The Company has ambitious plans for the Irish offshore wind sector, firmly aligned with the Government’s Climate Action Plan. We very much value ISIF’s continuing support, providing the people of Ireland with a potential return from the sustainable use of the nation’s wind resources.”

Vanessa O’Connell, Head of Inis Offshore Wind, said: “Our aim is to tap Ireland’s unparalleled offshore wind resource and in doing so enable a sustainable energy future for the people of Ireland, who will benefit directly from our success. With a current pipeline of five potential projects, we look forward to announcing more detail on our plans in due course and will work very closely with local communities, including marine users, to ensure their views are reflected in our plans and so that we maximise the positive impact our work has on local communities.”

Commenting on the launch, Paschal Donohoe, Minister for Finance, said: “I’m encouraged to see the impact that the ISIF’s €50m investment in the Temporis Aurora Fund is having on Ireland’s transition to a low carbon economy. Developing sustainable, renewable energy sources like offshore wind are a key part of Government policy to harness our ocean wealth for the people of Ireland while creating new local industry and supporting jobs in the process.”
Sean Fleming, Minister of State for Financial Services, Credit Unions and Insurance, said: “This investment by Temporis, with the backing of ISIF, is a prime example of how the international financial services sector can make a real contribution in delivering regional jobs while improving our energy infrastructure. I wish the team every success with Inis Offshore Wind and hope that more international investment in this area will follow this initiative.”

Paul Saunders, Senior Investment Director, ISIF said: “ISIF is a significant investor in the Temporis Aurora Fund, an innovative initiative that established Ireland’s first dedicated renewable energy development equity partnership in 2018 with the purpose of helping Ireland achieve its 2030 renewable energy policy goals. The launch of Inis Offshore Wind is an exciting milestone in the development of Ireland’s offshore wind market. We feel ISIF’s involvement will act as a significant catalyst to attract international private sector investment into Ireland, in line with our ‘double bottom line’ mandate to generate a commercial return and support economic activity and employment in Ireland.”

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