The offshore wind farm developer’s investment for the stake has not been disclosed.

Once operational, the wind farm is expected to provide clean energy for 250,000 households in Ireland. It will be built 22km off the Dundalk coast and is likely to feature 55 turbines.

Parkwind co-CEO François Van Leeuw said: “Parkwind has a firm ambition to grow internationally. After the successful development and construction of 550MW in the North Sea, we were able to shift our focus quickly to evolve from an experienced but strictly Belgian to an international player in the offshore wind industry.

“The challenge and opportunity of realizing the first offshore windfarm in Ireland matches perfectly with our entrepreneurial and solution driven company culture.”

The Oriel wind farm is slated to start operations by 2020 to be on time to help Ireland in achieving its 2020 renewable energy goals. It is anticipated to become the first fully operational commercial wind farm developed in Irish waters.

Apart from the Oriel wind farm, Parkwind is also involved in the 224MW Northwester 2 offshore windfarm in Belgum which is likely to commence construction in 2020.

Oriel Wind Farm founder and board member Brian Britton said: “In our search for a strategic partner, several international offshore wind players were interested in acquiring a stake in Oriel Wind Farm.

“Our choice for Parkwind is driven by the strong track record and values the company Parkwind stands for. We believe that Parkwind can bring in the necessary knowledge and pioneering spirit to bring this project to a successful end.”