Oriel Windfarm Limited is to explore the possibility of developing an offshore windfarm project for the Clogherhead area in the north Irish Sea.
The Department of Marine and Natural Resources has granted Oriel a foreshore licence over the area.
The Clogherhead project is the Dundalk-based renewable energy company's first.
Over the next 18 months, Oriel will complete a technical work plan, including site investigation and an environmental impact assessment, required to obtain lease consent and a grid connection.
Oriel wants to develop a 250 megawatt wind farm in five phases of 49.5 megawatts each. The first phase could be completed and operational by 2009 at a construction cost of around €85m.
The company says the Clogherhead location means that it has the potential to connect into the electricity network in the Republic of Ireland or Northern Ireland.
Founder investor Brian Britton, a private equity consultant based in Dundalk, has been appointed managing director. His firm, Britton Consultants, has recently completed a multi-million euro fundraising for Oriel. Other investors include sustainable energy experts Dan and Chris Hannevig.
