Offshore wind energy is one of the most exciting areas within the renewable energy space, offering a promising opportunity to meet global energy needs and to contribute to the fight against climate change, given their size. Ireland is rapidly emerging as a strategic market for offshore wind within Europe. This is driven by strong commitment shown by politicians, ambitious decarbonisation targets and favourable wind speeds. The government has set a target of 5 GW of offshore wind by 2030 alongside long-term aspirations to achieve 37 GW by 2050.

Although significant progress has been made from a policy and regulation perspective, as well as positive investment momentum, the offshore wind market is not without its challenges both in Ireland and globally. Going forward, we expect to see accelerated auction rounds both from an Offshore Renewable Energy Support Scheme (2) (ORESS 2) perspective and beyond. It is also likely that strategic infrastructure will be expanded with pressure on the government to finalise the Offshore Renewable Energy Development Plan (OREDP II) increasing. The market is in a transformational phase, and the coming years will determine whether the country can move from a strong policy vision to a practical, scalable, delivery. However, bringing offshore wind projects to life requires significant capital and experience. Therefore, the use of joint ventures (JVs) is seen increasingly throughout the sector to develop these large-scale projects, as they allow organisations to pool resources, share risks, and leverage complementary capabilities. While JVs can be powerful vehicles for success, they also present significant governance and alignment challenges that need to be carefully managed to enable organisations to access and maintain long-term value.

From this perspective of driving long-term value, we explore how companies developing in Ireland involved in offshore wind can use JVs to maximise success, with a focus on governance, operating model design, risk-sharing, and cultural integration. We examine the strategic imperatives required to overcome common hurdles and offer insights into how to make the best of partnerships in the offshore wind space.

Cultural Integration and Shared Values: Overcoming Mixed Priorities within JV Partnerships

One of the most challenging aspects of any JV is navigating the cultural differences that emerge between JV partners, particularly when different types of organisations come together. Whether it’s financial investors focused on returns and shorter term investment horizons or developers focused on project
delivery and pipeline. For this reason, organisations should consider this element at the very beginning of the partnership process, in order to maximise
success and integration. Although all governance will be documented within the shareholders agreement between the partners, having alignment on priorities and culture is prudent protection against dispute.

To achieve this, Deloitte recommends the following mitigating actions to set the partnership up for success:
 

Designing the Operating Model: Structuring for Efficiency and Alignment

In addition to governance, the operating model plays a vital role in the success and viability of offshore wind JVs. A poorly designed operating model can lead to inefficiencies, unclear accountability, and missed opportunities. The operating model encompasses how decisions are made, how resources are allocated, and how operational functions are organised and delivered within the JV. To design a robust operating model for an offshore wind JV, Deloitte recommends organisations focus on the following key elements:

The Governance Challenge: Balancing Control, Speed, and Alignment

At the centre of any successful JV is its governance structure. In offshore wind, this involves large investments over multi-year timelines and this, paired with complex operations means that effective governance forms a crucial part of success within any JV.

Traditional JV governance structures often struggle with balancing control between partners. For example, each partner positions for a degree of control to safeguard its investment and influence key decisions. However, to optimise JV effectiveness it’s important for decision-making to be streamlined, particularly in fast-moving situations where swift responses to regulatory, market, or technical changes are beneficial.

A key consideration within any effective JV is how to balance control with collaboration. In many offshore wind projects, partners may be at different stages of development and the level of investment from each partner makes it difficult to balance decision-making. Equally, materiality of decisions should be considered to streamline processes, for example categorising decisions based on value or project impact. When designing an effective governance structure, Deloitte recommends that JV partners prioritise the following key principles:

Ultimately, effective governance is what turns strategic intent into sustained progress. In the fast-paced and high-stakes world of offshore wind, a well-designed governance structure doesn’t just keep the JV functioning—it enables it to thrive. By establishing clear decision rights, rigorously tracking performance, and maintaining agility in the face of change, partners can create a governance model that supports both collaboration and control. 

What “Good” Looks Like in Offshore Wind JVs

A successful offshore wind JV is one that has clearly defined governance, operating models, and risk-sharing frameworks while fostering a culture of collaboration and alignment. In summary, engaging in a successful offshore wind JV involves:

• Strategic alignment among all organisations involved on vision, goals, and execution.
• A flexible and adaptive governance structure that promotes efficient decision-making and quick responses to challenges.
• A well-structured operating model that optimises decision rights, roles, and responsibilities.
• Cultural integration that brings together diverse partners into a unified team focused on common goals.
• A robust risk and reward-sharing mechanism that ensures fair distribution of benefits and accountability.

Ultimately, the success of an offshore wind JV comes down to winning together—by designing and managing partnerships that drive long-term value through effective governance, collaboration, and strategic alignment.

In conclusion, offshore wind JVs are an essential vehicle for scaling the renewable energy sector. By rethinking traditional JV models and focusing on strategic alignment, governance, operating models, and cultural integration, companies can unlock the full potential of these collaborations and achieve long-term success. Together, Deloitte believes we can shape a sustainable and profitable offshore wind future.