Agreement for sale of 24.5% stake in Spiorad na Mara and Havbredey projects. Northland to retain a majority equity stake in each project.
GLASGOW, May 10, 2023
Northland Power Inc. (“Northland” or the “Company”) has signed definitive agreements with ESB for a 24.5% interest in its ScotWind portfolio (Spiorad na Mara and Havbredey). Northland will retain a 75.5% stake in each project and continue to lead the development, construction, and operation of the projects.
The partnership with ESB provides Northland with an opportunity to bring in an experienced long-term partner to help build on the development progress already made. All commitments made by the projects prior to the agreement will remain in place.
“This is yet another exciting milestone for Northland, Spiorad na Mara and Havbredey. With ESB, we have found a highly experienced and valued partner to help advance the development of the projects, and we look forward to working closely together to realise both projects over the months and years ahead,” said Tanya Davies, Project Director, ScotWind, Northland Power. “Our objective is to deliver projects which the Outer Hebrides can be proud of, with substantial benefits for the environment, and the local, regional, and national economies.”
“As global offshore wind leaders, we welcome ESB’s offshore wind expertise and their experience of developing renewable energy projects in Scotland, and look forward to working closely together on the successful delivery of both projects. This announcement builds upon the progress already made, to deliver locally produced clean offshore wind energy, which is at the heart of achieving Scotland’s net zero emissions target by 2045, “said David Povall, Executive Vice President Offshore Wind. “The projects represent significant new energy infrastructure investment in Scotland, and we are fully committed to working in partnership with local communities and stakeholders throughout the development, construction and operation to maximise all opportunities available”.
Spiorad na Mara is a proposed fixed-bottom offshore wind turbine project, set in an area approximately 5-13 kilometres off the west coast of the Isle of Lewis. With a potential capacity of around 840 megawatts (MW), it could meet the average annual electricity needs for around 760,000 Scottish homes with renewable electricity and save around 1.2 million tonnes of harmful CO2 emissions every year.
Havbredey is a proposed floating wind turbine project located approximately 35 km offshore to the north-west of Lewis. With a potential capacity of around 1,500 MW, it could meet the average annual electricity needs for around 1.3 million Scottish homes with renewable electricity and save around 2.2 million tonnes of harmful CO2 emissions every year.
ESB is a leading Irish energy company, with vast experience in the offshore wind industry, including within Scotland. The partnership demonstrates the strong interest in ScotWind and in developing offshore wind in Scotland and brings together two very experienced companies with complementary skills, resources, and ambitions.
Jim Dollard, ESB Executive Director, Generation and Trading, says the partnership with Northland creates a valuable platform for ESB to pool expertise with a like-minded partner and build on its considerable presence in Scotland.
“This is an important announcement for ESB as we deliver on our Net Zero targets which set out to decarbonise the electricity we generate by 2040,” said Dollard. “The Spiorad na Mara and Havbredey projects are an exciting opportunity to collaborate with a global partner in Northland, build on our extensive experience in Scotland and provide synergies and learnings for similar projects in Ireland.”
A series of public events on Lewis are being planned for June, where local communities and stakeholders can meet with members of the project team to ask questions, provide feedback, and receive the latest information. Further details will be shared over the coming weeks.
For more information, please visit www.northlandpowerscotwind.co.uk