Source Galileo JV Sets Sights on 5 GW Renewable Energy Development

Independent Power Provider DNV has been picked by Korea Electric Power Corporation (KEPCO) to help with the development of an offshore power grid plan.

Source Galileo- a Joint Venture between Source Energie and Galileo, is looking at developing over 5 GW of offshore and onshore renewable energy and storage projects in Ireland, Norway, and the UK.

Source Energie looks into developing and bringing large new energy projects into operation and Galileo Green Energy is a pan-European, multi-technology, renewable energy developer, owner, and operator.

Development activities are already underway for offshore RE on several maritime areas capable of hosting offshore wind projects located in Irish, Norwegian and UK waters. The projects will be both fixed and floating foundations. Source Energie held that the resulting visual impacts will be significantly reduced and the addressable energy potential much larger. The size of projects in the pipeline is slated to be between 500MW and 2,000MW of capacity, which is in line with indications from The Crown Estate in the UK, as well as from Irish and Norwegian governments.

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Source Energie informs that the offshore wind projects will export energy either as electricity directly to electricity grids or as green hydrogen, which can be piped to shore or stored and released to provide dispatchable green energy supply.

On the onshore side of the joint venture, an initial pipeline of solar PV and storage projects of approximately 1,000MW has already been established across the UK. These onshore projects are expected to provide electricity to the grid in the UK either via direct injection or via energy storage batteries.

Kevin Lynch, CEO, Source Energie, said, “We are pleased that our already existing partnership with Galileo has evolved into a dedicated joint venture, which will allow us to develop and invest in these exciting and challenging projects.”

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Ingmar Wilhelm, CEO, Galileo, commented, “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 larger volumes from renewables, higher levels of energy independence and better price affordability.”

RE Portfolios, Projects 

Source Energie accelerates the roll-out of large-scale renewable energy projects. The company accomplished over 15 GW of wind and solar PV projects on a global scale including 5 GW of offshore wind projects in UK and Irish waters.

Galileo, on the other hand, claims to be making a meaningful contribution to the energy transition of Europe. As of today, Galileo has an active pipeline of over 6 GW of solar PV, wind and storage projects across 7 European countries.