Terms and conditions for Ireland's second offshore wind auction have been approved by the Government.
It is expected that the bidding process will now take place for the Tonn Nua auction site early next year.
Located off the south coast, the project will see 900 megawatts of offshore wind generation capacity go to market under the Offshore Renewable Energy Support Scheme (ORESS).
"Approval of the Tonn Nua auction terms and conditions is a hugely important milestone as we look to increase our share of renewable electricity to 80% by 2030," said the Minister for the Environment, Eamon Ryan.
"By providing a long-term source of secure indigenous green energy, the deployment of offshore renewable energy will ensure that Ireland continues to play our part in addressing the escalating global climate emergency."
Earlier this month the Oireachtas approved the first spatial plan for offshore renewable energy in the State.
The South Coast Designated Maritime Area Plan (DMAP) was given the green light following environmental assessment and engagement with communities and stakeholders.
It includes four areas of sea – Tonn Nua, Lí Ban, Manannán and Danu - where offshore wind development can happen over the next ten years.
The DMAP is situated off the Wexford and Waterford coast.
'‘I have every confidence that Tonn Nua will build upon the success of our first offshore auction in 2023, ORESS 1, which overperformed all expectations and will save Irish electricity consumers hundreds of millions of euros every year," said Mr Ryan.
ORESS 1 saw over 3GW of capacity bought from four offshore wind projects in May of last year at an average price of €86.05 per MWh.
Under the Government’s Climate Action Plan at least 5GW of installed offshore wind capacity needs to be achieved by 2030.
Wind Energy Ireland said it is very excited about the potential for Tonn Nua to drive significant green investment to coastal communities in the south-east.
"Once operational Tonn Nua will deliver enormous amounts of clean, affordable, electricity to families, businesses and industries across Ireland while cutting our carbon emissions," said Noel Cunniffe, CEO of the organisation.
"Finalisation of the terms and conditions for the auction is a major achievement by the Department of Environment, Climate and Communications and underlines again this Government’s commitment to offshore renewable energy."
"Our focus now needs to turn to identifying new sites, for fixed and floating wind energy, in other parts of Ireland’s maritime area to build a strong and attractive pipeline of projects."
