PLANS TO BUILT a 1 MILLION windfarm project off the coast of Annagassan could create up to 550 jobs.
Oriel Windfarm intends to built 55 turbines in Dundalk bay.
The company has secured grid connection offers and is in the last phase of a consent process with the Department of Energy to secure planning permission.
If this goes ahead Oriel Windfarm will be the first windfarm in Irish waters.
The company is based at Blackrock.
Brian Britton, co-founder and managing director of Oriel Windfarm and chairman of the National Offshore Wind Association Ireland believes they can also supply energy to the UK.
“The recent announcement by the British energy minister that Irish renewables will play a significant role inreaching British energy targets for 2020 has totally changed the picture.
“Britain will now pay a rate for our off-shore energy production and pay for the lines to export it.
Mr Britton said five off-shore windfarm projects are waiting for government approval but Oriel is first in the race because of the number of agencies that have already approved it.
Mr Britton has discussed with multi-nationals the formation of a consortium to build the facility.
“This whole sector could provide a huge opportunity for Ireland as we finally have a planning process,” he said.