Dr. Paul Saunders:

We absolutely see offshore wind and all the supporting infrastructure as a key area for Ireland and, therefore, for investment from ISIF. We are looking at the projects themselves and speaking with developers who may be developing the actual offshore wind assets. We are also speaking with the whole system. We acknowledge the port infrastructure needs significant development, so we have a team that is dedicated to real assets and enabling infrastructure. It is speaking with ports around the country to try to figure out what investment makes sense there. This is an area that is very well suited to ISIF capital because we can be strategic and long term. That is the kind of capital that much of this enabling infrastructure needs when we think about ports, etc.

There is a much broader value chain, as well. Vessels, crew transfer vessels and various other support and service functions will be required both during the construction phase and the operation phase of these businesses. All of that is well within the scope of ISIF investment, notwithstanding the fact that we always need to be cognisant that we are not deadweight. We need to target areas where we can be catalytic of the economic activity and we can accelerate the transition without wading into areas where a lot of capital is already available. That influences the way we think about our potential involvement in the phase 1 projects versus some of the later phases of offshore development.