Darren Sherry

We're doing a research and development project at the moment, a one megawatt project, which will turn basically renewable electricity and captured carbon into e-fuel, which can be used, for example, in the aviation sector or indeed in the motor sector, basically as a like-for-like solution.

Swap.

Absolutely, yeah.

We've got fantastic fundamentals, particularly on wind in this market.

We all know it's a very, very windy place relative to continental Europe.

Indeed, yeah, we're going to have some storms coming through.

Look, just looking at the most recent res auctions, which were published last week, we're seeing prices there at 9.6 cent per kilowatt hour for the next 15 years.

And I think critically to look at those numbers, 70% of that number is not indexed.

So it will be the same number in 15 years time as it is today.

So it's a contract for difference.

So effectively, the project is guaranteed that number.

But equally, if the market price for electricity goes over that number, the developer will not benefit from that.

The Irish state will benefit from that.

Absolutely.

And we see consumers all the time, you know, many of our clients are consumers who want to develop their own wind or solar on their projects.

You know, they're paying north of 20 cents per kilowatt hour.

And as we said, the most recent renewable energy projects are selling their power under 10 cents per kilowatt hour for 15 years non-index length.

So it makes renewables extremely competitive in that space.

Well, we're building a pipeline of projects, the majority of which are onshore.

We have a little bit of exposure to the offshore market in Ireland here.