Pictured: Tommy Tiernan.
THE renewable energy firm behind the abandoned €1.4bn ‘landmark’ offshore wind farm off the Clare and Galway coastline opposed by comedian, Tommy Tiernan and others spent €50m on project costs before the scheme was halted last year.
That is according to new accounts filed by the Corio Generation backed Fuinneamh Sceirde Teoranta (FST) which show that accumulated losses at the company totalled €56m at the end of March 2025.
The accounts show that the firm incurred €18.32m in project costs in the 12 months to the end of March 2025 and this is in addition to the company already spending €31.7m on project costs across 2024 and 2023.
The directors state the project ceased in April 2025 “following a review of market conditions and project specific constraints”.
A note states that the company has determined that the appropriate strategic outcome is to limit ongoing liabilities while considering the options of either the sale or abandonment of the project as it is no longer feasible to progress development.
The directors state that shareholder funding will be available to enable the company to meet its obligations during an orderly wind-down of activities.
It states that the company does not have any committed funding in place.
The directors state that in light of the circumstances outlined, the financial statements should not be prepared on a going concern basis.
TV chat-show host and standup comedian, Tommy Tiernan was one of 177 third parties to lodge submissions with An Coimiúsin Pleanála (ACP) on the contentious plan to construct the 450 MW wind-farm with 30 turbines over 1,000 ft high in the Atlantic Ocean.
In his objection to the Sceirde Rock proposal, Tommy Tiernan told ACP: “I’m objecting to the proposed off-shore wind farm near Carna, Connemara, County Galway on the grounds of desecration of that area of natural beauty.”
The actor, comedian and podcaster said: “Culture is judged on how it protects areas and ideals such as this. Allowing such a project to go ahead when there are many more suitable sites either much further off-shore or inland would be a totally irresponsible and disgusting thing to do.”
He said: “There has to be more to our country than a utilitarian exploitation of where we live.”
The decision to halt the project in April 2025 came only three months after FST lodged plans with ACP to construct its Sceirde Rocks wind-farm on waters located 5km to 11.5m km off the west coast with Carna in Galway the nearest settlement.
The wind farm was to have the capacity to power 350,000 homes.
Separate accounts lodged by FST’s UK based parent, Inis Top Company Ltd show that it impaired in full its €12.69m investment in FST following the decision in April 2025 to not proceed with the Sceirde Rocks off-shore wind farm “due to challenges in the offshore wind market”.
Inis Top Company Ltd’s accumulated losses totalled €70.39m at the end of March 2025.
Three Galway businessmen, who were among seven individual and corporate investors in FST, are suing joint venture firm, Inis Holding Co Ltd, indirectly owned by Corio Generation Ltd, which is a company within the Macquarie Group, and the Ontario Teachers’ Pension Plan Board, over a share purchase agreement related to the project.
The new FST accounts – signed off on April 27th – do not make reference to the High Court action being taken by Seosamh Ó Laoi, of Baile an tSagairt, Spiddal; Padraig Ó Laoi, a publican of Ballinahill, Lettermullan; and Bartley Lee, of Seacrest, Cnoc Na Caltrach.
Inis intends to fully defend all claims and does not believe it has any liability.
