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IberBlue Wind invests in offshore wind in Portugal

The IberBlue Wind consortium will invest more than €4 billion to create a combined capacity of 1.96 GW in two offshore wind farms in Portugal and Spain. The farms, Creoula and Juan Sebastian Elcano, will comprise approximately 109 turbines and will contribute to Portugal's goal of generating 80% of its annual electricity needs from renewable sources by 2026.

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The Irish-Spanish consortium IberBlue Wind has announced plans to invest more than €4 billion ($4.36 billion) in two offshore wind farms off the coast of Portugal and Spain.

Offshore wind energy, a key solution to meet Portugal’s energy needs

The goal is to create a combined installed capacity of 1.96 GW, capable of supplying electricity to more than one million homes. The two parks, named Creoula and Juan Sebastian Elcano, will include approximately 109 turbines and will occupy an area of 530 km² (205 square miles).

The larger of the two wind farms, Creoula, will consist of 80 turbines of 18 MW each and will be located in areas proposed by the Portuguese government for the development of offshore wind farms. The project will contribute to Portugal’s goal of installing 10 GW of offshore wind power by 2030. In January of this year, Portugal launched public consultations on proposals for the delimitation of offshore areas suitable for the development of wind farms, estimating a total investment of between 30 and 40 billion euros by 2030.

IberBlue Wind: a significant investment in renewable energy

The shift to renewable energy sources has been accelerated in Europe due to record gas prices in 2022, following the invasion of Ukraine by Russia, Europe’s main gas supplier. Portugal aims to produce 80% of its annual electricity needs from renewable sources by 2026, up from about 60% in 2022, which was already one of the highest ratios in Europe.

The consortium estimates that the cost of the cross-border development could be 32% lower than the two wind farms developed separately. Consortium partners include Irish offshore floating wind developer Simply Blue Group, the engineering division of Spanish group Grupo Amper and Spanish renewable energy developer FF New Energy Ventures.

Overall, IberBlue Wind’s investment in the two offshore wind farms in Portugal and Spain represents a significant step towards renewable energy sources and will contribute to the growing trend of European nations investing in green energy sources.

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