The report was published by Gavin and Doherty Geosolutions on behalf of Wind Energy Ireland (WEI).

The extensive report highlighted that the sector is picking up momentum but stressed an urgent need to focus on the practicalities of delivering offshore wind.

The study also showed that only Belfast’s D1 facility is entirely suitable to support fixed-bottom construction, with limited infrastructure to support the deployment of floating wind.

The funding challenge is being exacerbated by the current economic headwinds, with inflation impacting material costs and interest rates at levels not seen for decades.

The report said this will serve to further increase funding gaps and reduce the commercial viability of projects, with increased scrutiny from lenders reviewing business cases for proposed projects.

Commenting on the launch of the report, Paul Doherty, executive director of Gavin and Doherty Geosolutions (GDG), said “support from the Irish Government would de-risk upfront investment and could plug any funding gaps.”

“This support could be through direct funding from the exchequer, a low-interest loan scheme, or access to funding vehicles such as the Ireland Strategic Investment Fund (ISIF) and the European Investment Bank,” he added.

The report also recommends that ports, the offshore renewable energy industry, and State agencies should be brought together under the Offshore Wind Delivery Task Force to identify solutions, including the possibility of designing an Irish Strategic Port Investment Model.