Wind farm company loses €35m State bond
By Máirtín Ó Catháin
A €35.4m bond lodged with the State relating to a proposed offshore wind farm in the vicinity of Sceirde Rocks off Carna in Conamara will not be returned to the project promoters.
Even though the company Corio Generation, and their Australian funders have pulled out of the Sceirde Rock enterprise their large bond lodgement is now lost.
A spokesperson for the Department of Climate, Energy and the Environment said this week: “Having drawn down the security after the abandonment of the project, there is no provision for its refund to the project.”
Outlining the reasoning behind its decision, the Department summarised the background to the bond issue: “The project was awarded a Maritime Area Consent in 2022 and the project submitted a planning application to An Bord Pleanála in January 2025.
“The project is owned by Corio Generation who announced on 8 April 2025 a planned corporate restructuring that would see them focus on a smaller portfolio of projects worldwide.
“Corio subsequently formally notified the Department of Climate, Energy and the Environment that the Sceirde Rocks project would not proceed.
“Following the abandonment of the project and in line with the terms and conditions of the ORESS contract, the Department of Climate, Energy and the Environment has drawn down the performance security of approximately €35.4 million”.
A Department spokesperson went on to explain that “the purpose of the performance security (the bond) under the terms and conditions of the auction was to ensure the delivery of the project”.
The auction referred to was essentially a process between competing groups for the backing of the State in setting up offshore wind farms and having established a price per unit for their output. Four groups were successful, including Corio Generation, which is funded by the Macquarie Bank of Australia, and other backers.
Sources in the energy sector say that bond money is often returned and that this is a big financial hit for Corio Generation.
Pictured: Sceirde Rocks windfarm map