Plans to develop an international renewable energy hub in the South-West have taken a major step forward.

This project will see the Shannon Estuary transformed into a key centre for the deployment of floating offshore wind projects in Irish and International waters.

ESB and Shannon Foynes Port signed a Memorandum of Understanding (MOU) for the project, maximising the unique potential of the Shannon Estuary thanks to its mix of deepwater, development lands, low-lying shoreline, and proximity to one of the world's most consistent wind resources off Ireland's west coast.

The MOU follows the publication late last year of Shannon Foynes Port's Vision 2041 masterplan for the wider estuary, which set out a clear strategy to transform the estuary into one of the world's leading green energy hubs. It identified three key growth areas for the estuary, namely delivering floating offshore wind at international scale, green industrial development transition, and expanded, diversified and more sustainable logistics services.

ESB is currently undertaking a multi-billion-euro redevelopment project at its Moneypoint site to include significant amounts of offshore wind coupled with the production of hydrogen and other green derivatives. As an enabler to the Green Atlantic @ Moneypoint project, an offshore wind construction hub will be developed which will facilitate the fabrication and assembly of floating offshore wind platforms.

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The MOU is in line with the identification in Shannon Foynes Port's masterplan of the development of four core facilities at the estuary to support the delivery of floating offshore wind at scale. These included substructure assembly at Moneypoint, as well as turbine integration and pre-commissioning at Foynes port, wet storage at various locations within the estuary and an Operations & Maintenance base also at Foynes.

Shannon Foynes Port's plans centre on the development of a new deep water port at Foynes Island, which will be linked directly to the national transport network via a direct restored rail and new road link.

Under this MOU, the parties will collaborate to ensure that ESB's Green Atlantic @ Moneypoint project and the port authority's projects will be developed in a coordinated manner in the national interest with a common goal of maximising the opportunity for the estuary and wider Mid-West region.

Minister of State with responsibility for Office of Public Works and the Gaeltacht, Patrick O'Donovan TD, said: "As Ireland continues to develop transformational renewable energy projects in order to meet our ambitious climate action targets, I am delighted to be here today to see the plans that ESB and Shannon Foynes Port have to realise the potential of the Shannon Estuary and wider region as a hub for clean energy."

Minister of State at the Department of Further and Higher Education, Research, Innovation and Science, Niall Collins TD, commented: "This MOU is a welcome commitment that is aligned with Government's climate action targets and demonstrates the importance that renewable energy projects, such as floating offshore wind, will play in Ireland's clean energy future. I look forward to seeing how this partnership will help transform Shannon Estuary into a renewable energy hub that will be recognised worldwide."

Paul Lennon, Head of Offshore Wind and Hydrogen at ESB, added: "We are delighted to partner with Shannon Foynes Port to help deliver on our ambitious plans for floating offshore wind. As ESB transforms its generation portfolio with projects such as Green Atlantic @ Moneypoint, this collaboration builds on our commitment to delivering renewables projects in the Mid-West region. It is an important step in ESB's efforts to deploy the latest technologies and infrastructure as we play a crucial role in Ireland's transition to net zero."