Galileo and Source Energy combine their expertise to create Source Galileo, a joint venture for renewable energy projects. Its activities will take place in the seas and on the lands of Ireland, Norway and the United Kingdom.
Promising projects
In the Source Galileo project, offshore wind turbines will offer several possibilities. One of them will allow energy to be sent in the form of electricity directly to the electrical networks. The second will be to transform renewable hydrogen to transport it to the coast.
Finally, the last option will be to store the surplus energy and then distribute it. This project will deploy fixed and floating foundations far offshore. This will, therefore, reduce visual pollution and increase energy potential.
Currently, the energy capacity of such a project is between 500MW and 2000MW. The terrestrial component focuses on a series of solar photovoltaic energy and storage facilities. The project is expected to generate 1000MW of power in the UK.
However, the British electricity network has the particularity of evolving rapidly. The energy storage capacity must be large to allow it to remain resilient. That is why this project will propose to provide electricity in the form of battery storage.
Many advantages
Source Galileo has a team of 15 business development professionals. Developers, engineers and financial professionals work together to develop the company’s growth potential. The knowledge in the field of offshore and onshore renewable energy allows the team to access unique opportunities.
Ingmar Wilhelm, CEO of Galileo, states:
“The joint venture is built on a highly skilled team of experienced renewable energy developers and project builders offering access to unique project opportunities in their home markets: Kevin Lynch, Torben Andersen, Garrett Morrison and Fintan Whelan. The complementary strengths of Source Energie and Galileo make us very confident for the next phase of expansion of our joint business, in the context of energy supply across Europe requiring higher volumes from renewables, higher levels of energy independence and improved affordability.”
Source Energy is accelerating the development of major renewable energy projects as part of the energy transition. The company was managing more than 15GW of wind and solar projects worldwide.
Source Galileo has a presence in the three target markets of London, Dublin and Haugesund. Between them, the two companies have 26GW of renewable energy projects. They will be able to count on the portfolio of the four institutional investors supporting Galileo.
Their commitment to long-term investment should help increase the share of green energy produced in Europe. The project represents a hope in a European context that requires greater energy independence. It is about producing renewable energy in greater volume and at much more affordable prices.
