Building Partnerships for a Startup

Getting momentum behind a new green energy utility

The Situation

Spirit of Ireland is a new energy utility with an ambitious plan to generate green power in Ireland using wind turbines and pumped hydro storage.

The project required a major capital investment; the team estimated that it would cost between €4-5bn.

The project was not funded; all of the core team were volunteers. It needed a business plan to secure the necessary political support and investment.

The Engagement

The biggest cost component in the project was the wind farms, and Whitepeak was tasked with pricing and planning them.

Whitepeak built an expert team from the volunteer database. They had backgrounds in wind power, construction, and mechanical, civil and electrical engineering. We secured assistance and support from Ireland’s leading construction and engineering firms.

We wrote a formal Expression of Interest document, which prompted five of the world’s top ten wind turbine vendors to meet with us in Dublin. The vendors also provided the rest of the detailed financial and technical information that the team needed.

Whitepeak distilled it all down to a document and financial model that fed into the business plan and government submissions.

The Results

The team proved that wind farms can be built at scale in Ireland about 30% cheaper than was previously considered possible.

Spirit of Ireland has created a viable investment opportunity for the international institutions who finance infrastructure projects of this size.

Spirit of Ireland can now present concrete financial and technical proposals to the Irish Government to determine whether there is national appetite for the project.