Bord Na Móna said the lack of an agreement meant the company will cease development of the project, which had been designed to install 2GW of wind energy in Ireland, with the power to be exported to the UK.
The Clean Energy Hub was a number of separate wind farm proposalss that would have been principally centered on the company's 200 square-kilometres of peat lands in East Offaly and West Kildare in the Irish midlands.
In January 2013, the two governments signed a memorandum of understanding (MoU) to export electricity generated from wind across the Irish Sea to help the UK reach its 2020 renewable energy targets.
However, in March of this year, Ireland's energy minister, Pat Rabbitte, said he was "doubtful" the proposals would go ahead.
Rabbitte said that, following a meeting with the UK's energy secretary, Ed Davey, he "can't see an export project as envisaged" and officially put paid to the plans earlier this month.
The Irish minister indicated that the tight timescale was a key issue, with 2020 too ambitious a deadline for such a large-scale infrastructure project.
Bord na Móna still has a pipeline of wind energy projects under development for the domestic market.
It will continue to develop these domestic projects to assist Ireland in meeting its future renewable energy targets, in support of national energy policy, it said in a statement. The company declined to comment further.