Business leaders get update about offshore wind plans
21 February 2024
Isle of Man Chamber of Commerce members were given an update about Irish Sea offshore wind farm plans at a ‘Lunch & Learn’ event.
Representatives from a cross-section of the private, public and third sectors were at The Claremont Hotel for the first in a series of briefings being organised by the Island’s biggest business network on topical issues of interest to the business community.
Following introductions from Chamber’s Business Support Lead, Jessica Kitchin, and Energy & Sustainability Centre (ESC) Director, Ralph Peake, the audience were given a detailed update about Irish Sea offshore wind developments by John Galloway, Ørsted’s Development Director in the Isle of Man.
He began with a summary of Ørsted’s history, including its remarkable transition from an oil and gas business into its status today as one of the world’s leading green energy firms. This was followed by an overview of operational and proposed wind farms in the Irish Sea, most of which are in UK waters but which of course are of interest from an Isle of Man perspective.
Ørsted’s Mooir Vannin Offshore Wind Farm project is a proposal to build the first offshore wind farm in Isle of Man territorial seas – presenting many opportunities for the Island. The Mooir Vannin Offshore Wind Farm, said Galloway, would be privately funded and would deliver many benefits for the Isle of Man. This would include the Isle of Man Government receiving an annual rent for leasing the site, a percentage of revenue throughout the operation of the wind farm, plus taxation and royalties once it was established.
In addition to revenue streams directly to the Treasury, said Galloway, the Mooir Vannin Offshore Wind Farm has the potential to boost the local economy and community. Ørsted would look to launch and operate a ‘community investment fund’ which would help charities and other Island causes during the lifetime of the wind farm.
Over the last 10 years, Ørsted has invested over £15 billion in the UK building offshore wind farms and expects to invest the same amount in the coming decade.
As part of the Mooir Vannin Offshore Wind Farm project, options are being explored to create an operational base here on the Island. The wind farm, said Galloway, also has the potential to provide some of the Island’s renewable energy needs to help Government meet its net-zero targets, and to assist businesses looking for green energy to support their net-zero and ESG strategies.
The presentation concluded with a summary of the project timeline which has the aim of the wind farm being operational around 2032. ESC Director Ralph Peake then chaired a Q&A session with questions from guests, plus some submitted via text from those not able to attend in person.
In November last year, Ørsted announced its early-stage proposals for the Mooir Vannin Offshore Wind Farm and organised a series of community information events. An extensive assessment and consultation process is being planned for this year as the company works towards its aim of submitting a planning application to the Isle of Man Government in 2025. For full details about the Mooir Vannin Offshore Wind Farm project go to https://orsted.im/mooirvannin