The backers of the planned €1.4 billion offshore wind farm off the west coast spent €50 million on the project before pulling out.
As Gordon Deegan reports in The Irish Times, accounts filed by the Corio Generation-backed Fuinneamh Sceirde Teoranta show €56 million in accumulated losses by the end of March 2025.
The project was abandoned a year ago, in April 2025, just three months after Fuinneamh Sceirde lodged a submission with An Coimisiún Pleanála to build the Sceirde Rocks wind farm off north Galway.
The west coast project involves constructing up to 30 fixed offshore wind turbines, with a tip height of up to 325 metres, at the Skerd rocks, within 5-11.5km of the south Connemara coast, with Carna being the nearest residential settlement.
Sceirde Rocks was one of seven “phase one” projects to secure the State’s first maritime area consents (MACs) from former energy and environment minister Eamon Ryan in December 2022.
The MAC enabled it to bid successfully in the State’s first Offshore Renewable Energy Support Scheme 1 (ORESS 1), with a performance guarantee or bond of 30 million euros held by a financial institution for the government to draw down.
The directors said the project ceased in April 2025, “following a review of market conditions and project-specific constraints”.
The Irish Times also reports that three Galway businessmen are suing joint venture firm, Inis Holding Co Ltd, which is indirectly owned by Corio Generation Ltd – a company within the Macquarie Group – and the Ontario Teachers’ Pension Plan Board.
The three businessmen were among seven individual and corporate investors in Fuinneamh Sceirde, and the legal action is reported to be over a share purchase agreement for the project.
The court has heard that studies showed it was not possible to ensure the wind farm’s survivability for technical, weather, environmental and engineering reasons. The Irish Times reports that the new Fuinneamh Sceirde accounts do not make reference to the High Court action.

















































