Renewables developer Source Energie and pan-European investment platform Galileo have joined forces to develop more than 5 GW of renewables and energy storage projects in Ireland, Norway and the UK.
The companies have formed a joint venture dubbed Source Galileo to execute the plan and will be targeting both onshore and offshore schemes, they said on Wednesday.
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Source Energie and Galileo have been collaborating in the offshore wind segment since early 2021, developing several areas suitable for such projects in Irish, Norwegian and UK waters. The schemes envisage the installation of both fixed and floating foundations. The pipeline consists of projects with capacities of between 500 MW and 2,000 MW, which are set too export power directly or their output will be used to produce green hydrogen that will be transported to the shore.
The JV’s ambitions in the onshore sector include the deployment of solar photovoltaic (PV) and energy storage technologies. The proposed projects, with a combined capacity of roughly 1 GW, will be located across the UK. The electricity generated by the solar farms will be fed into the grid or will be stored in batteries.
“We are confident that our joint venture is well positioned to make a large economic and energy contribution to the European energy transition,” said Kevin Lynch, CEO of Source Energie.