Singapore-based developer Enterprize Energy has signed an agreement to build a 4GW wind farm off the Irish coast and sell the power to a hydrogen facility on land, according to Bloomberg.
Enterprize Energy told Bloomberg that rather than a subsidy it would will raise the US$10 billion investment through project financing arranged by investment banking firm Societe Generale and private investors. The company says it has signed a precursor to a power purchase agreement with EI-H2, which with Zenith Energy is developing a 4GW hydrogen facility in Ireland (Green Marlin), which could be generating as soon as 2026. The hydrogen will be used in Ireland or converted into ammonia that can exported.
Enterprize Energy does not undertake construction. The company will use deep-water technology used by the oil and gas industry for exploration and production platforms and it has signed deals with oil and gas development company Sapura Energy and foundation supplier Offshore Design Engineering.
The company is also developing a 3.4GW offshore wind farm in Vietnam and is looking at Brazil.
Enterprize Energy is headquartered in Singapore. Its management team previous ran Eclipse Energy, which developed the Ormonde Offshore wind farm. That project was acquired and constructed by Vattenfall. The 150MW wind farm was completed in August 2011 and inaugurated in February 2012.
Read the Bloomberg story here