The French energy utility, EDF, is moving into the Irish energy market.
Its subsidiary, EDF Renewables, has acquired a 50% stake in the Codling offshore wind project from Hazel Shore, a company linked to the property developer, Johnny Ronan.
The project is located about 13 km off the coast of Wicklow.
EDF did not disclose the figures involved but Hazel Shore's 50% stake in the project had been on the market with a price tag of €100 million.
It was reported that there was considerable interest in the stake from a number of energy majors.
EDF will partner with Fred Olsen Renewables, which owns the other 50% stake in the project.
They plan to develop and build the project which it's expected will have a capacity of 1 Gigawatt.
Industry sources say the project could have a value in excess of €2.5 billion when built out and completed.
EDF Renewables has a portfolio of offshore wind projects that exceeds 6 GW under operations, under construction and in development in the United Kingdom, France, Belgium, Germany, China and the United States.
"We are committed to contributing to the Irish government's renewables goals," Bruno Bensasson, Chief Executive Officer of EDF Renewables said.
"This important project clearly strengthens our strong ambition to be a leading global player in the offshore wind industry. This is consistent with the CAP 2030 strategy that aims to double EDF's renewable energy generation by 2030 and increase it to 50 Gigawatts net."
