ESB
About
Ireland's state-owned electricity company: the Irish Government holds 97.1% and an employee share ownership plan the rest. It owns the onshore transmission and distribution networks in Ireland and, through NIE Networks, in Northern Ireland, beside generation, trading and retail supply in Ireland and Great Britain. That gives it a role in Irish energy policy well beyond its own portfolio. Its offshore wind runs through partnerships: 50% of Neart na Gaoithe off Scotland with EDF, operating since May 2025; 50% of Inch Cape, under construction off Scotland with Red Rock Renewables; and an indirect 12.5% of Galloper off Suffolk. Earlier-stage stakes include 20.83% of the consented Five Estuaries project off Essex and Suffolk, two 24.5% Western Isles shareholdings bought from Northland Power in 2023, and a joint venture with Ørsted that won Ireland's offshore support auction for the 900 MW Tonn Nua site.
Outlook
as of 2026-10ESB builds offshore wind through joint ventures. In Scotland, Neart na Gaoithe (448 MW, 50% with EDF) reached commercial operation in May 2025, and Inch Cape (1,080 MW, 50%) reached financial close in January 2025 and expects commercial operation in 2027. In Ireland, a 50/50 venture with Ørsted won the 900 MW Tonn Nua site in the November 2025 ORESS auction, with delivery expected around 2034; the Clogherhead project with JERA Nex bp is paused. ESB also holds 50% of Gwynt Glas, a floating Celtic Sea site that won development rights in 2025, and 24.5% of two Western Isles sites. Its strategy update (September 2026) cites a slower pace of offshore wind in Ireland, targets 7 GW of renewables and enabling technology by 2035, and puts more than 80% of planned 2026 to 2030 investment into regulated networks. In October 2026 it kept its 20.83% of Five Estuaries as EDF and CIP bought in.
What they've said
5 statements 2026-03 – 2026-10
- New ownership structure for Five Estuaries
ESB keeps its 20.83% stake in the consented Five Estuaries project off Suffolk and Essex (up to 1,080 MW) as EDF power solutions buys RWE's 33.33% and Copenhagen Infrastructure Partners buys the 25% held by the Macquarie-led consortium. EDF will lead the development.
Hafrok summary source → - ESB H1 2026 presentation to investors, strategy update
ESB lists a slower pace of offshore wind development in Ireland among the context for its 2025/6 strategy review. The updated priorities target 4 GW of renewables and renewable-enabling technologies by 2030 and 7 GW by 2035, and the 2026 to 2030 plan puts total capital expenditure at €20bn, more than 80% of it in regulated networks.
Hafrok summary source → - ESB Annual Report and Financial Statements 2025, Chair's Statement
“ESB will accelerate investment in offshore wind, solar, and energy storage, continue to digitalise networks and customer services, and working in collaboration with strategic partners, drive innovation and scale in the business.”
Terence O'Rourke, Chair source → - ESB Annual Report and Financial Statements 2025
“However, offshore wind faces significant financial challenges, including rising costs, and supply chain disruptions. Developers have cited insufficient supports and revenue guarantees as key barriers in markets across Europe.”
ESB (company report) source → - ESB Annual Report and Financial Statements 2025, Strategic Performance Indicators
“2030 targets are challenged by factors outside of ESB's control, such as the timing of RESS auctions and planning delays, and are being kept under review.”
ESB (company report) source →
Portfolio
7 held · live stages first, exits lastCapacity is net of ownership stake: a 50% JV counts half. Gross exposure (full nameplate of every project held): 5.86 GW.
| Project | Country | Stage | MW | Stake | Net MW |
|---|---|---|---|---|---|
| Neart na Gaoithe | United Kingdom | Operational | 450 | 50% | 225 |
| Galloper | United Kingdom | Operational | 353 | 12.5% | 44 |
| Inch Cape | United Kingdom | Under Construction | 1080 | 50% | 540 |
| Tonn Nua | Ireland | Advanced Development | 900 | 50% | 450 |
| Five Estuaries | United Kingdom | Advanced Development | 1080 | 20.8% | 225 |
| Gwynt Glas | United Kingdom | Early Development | 1500 | 33.3% | 500 |
| Clogherhead Offshore Wind Farm | Ireland | On Hold | 500 | 65% | 325 |