Green Investment Group (GIG) has acquired Fuinneamh Sceirde Teoranta, the developer of the Sceirde Rocks offshore wind farm in Galway.
Sceirde Rocks is a proposed 400 MW offshore wind farm, capable of generating enough energy to power the equivalent of up to 295,000 homes.
The Galway energy project has been designated as one of seven "Relevant Status" developments by the Department of Environment Climate Action and Communications.
This positions the development to be in the first wave of offshore wind projects in Ireland for delivery by 2030.
Ireland has an objective of achieving 70% renewable energy by 2030 and in order to achieve this, over 5 GW of offshore wind energy is expected to be developed by the end of the decade.
The Sceirde Rocks project will play a critical role in meeting these targets, increasing domestic energy production and improving security of energy supply by reducing the country's dependence on imported coal, oil and gas.
Macquarie owned GIG is currently developing 14 GW of offshore wind across the globe. Sceirde Rocks will be its first offshore wind investment in Ireland.
Fuinneamh Sceirde Teoranta's Director Joe Lee said the project will be the largest ever infrastructure project in Connemara and will position Galway as a leader in Ireland's new green energy economy.
"In order to achieve that, it was vital that we brought in the financial and technical capabilities that GIG can deliver," Mr Lee said.
"We have had exceptional support from the local community, and from agencies such as Údarás na Gaeltachta, and look forward to continuing these relationships with GIG," he added.
GIG Project Director Séamus McCabe said that the Sceirde Rocks project is set to be a flagship development for the West of Ireland, which is home to one of the best wind resources in the world.
"It offers an exciting opportunity to launch a new industry along the Atlantic Economic Corridor, supporting a range of jobs and creating economic opportunities that will bring people back to Connemara," he added.
