New Contracts Awarded for 1 GW Floating Wind Project Offshore Scotland
The developers behind the Buchan floating offshore wind project, have awarded a series of contracts worth more than GBP 1.5 million to three Scottish companies.
The 1 GW Buchan floating offshore wind project is being developed by the Floating Energy Allyance, a consortium comprising BW Ideol, Elicio, and BayWa r.e., which secured the rights for the project site at the beginning of last year through the ScotWind leasing round.
The three contracts were awarded to Copper Consultancy, who will support onshore and offshore stakeholder engagement and consultation, and to Natural Power, who will lead the onshore stakeholder engagement and Environmental Impact Assessment in parallel with their ongoing offshore work.
In addition, a contract was awarded to Blackhall & Powis, who will be responsible for property support, including securing land rights for the substation and onshore cabling, after having already delivered fishery liaison and early land assembly support.
According to its developers, this marks an important step forward within the development process of the project and brings the total value of contracts awarded to date to over GBP 20 million.
“The Buchan Offshore Wind project team continues to engage with National Grid’s Holistic Network Design process and are committed to rapidly progressing both onshore and offshore elements of the project“, said Alasdair MacLeod, Project Director at Buchan Offshore Wind.
The Buchan floating offshore wind farm is planned to have a capacity of approximately 1 GW, whose wind turbines will be installed on BW Ideol’s Damping Pool floating foundations.
Geotechnical and geophysical site investigation is being carried out some 75 kilometres off the Aberdeenshire coast, by Ocean Infinity.
French Companies to Form Floating Offshore Wind Joint Venture
France’s BW Ideol and its compatriot ADEME Investissement have entered into a final agreement for a funding injection to set up a new floating offshore wind company.
Under the contract, BW Ideol will transfer its co-development project portfolio to BW Ideol Projects Company with ADEME investing an initial EUR 17.85 million at the first financial closing date planned in September.
The first financial closing is subject to the completion of the reorganisation and, in particular, the approval by Crown Estate Scotland of the transfer of the ownership of BW Ideol’s share in the 1 GW Buchan offshore wind project, jointly developed with Germany’s Baywa and Belgium’s Elicion.
Subsequent capital injections will be based on project funding calls with a co-financing at an equal share between BW Ideol and ADEME Investissement, said BW Ideol, and when all funding calls are completed, each company will have invested EUR 40 million in the joint floating offshore wind firm.
Following the first closing, BW Ideol will own 75.8 per cent of BW Ideol Projects Company, representing a post-money valuation of BW Ideol Projects Company of around EUR 74 million, while ADEME is expected to increase its holding over time as further projects are matured and financed.
BW Ideol retains full ownership of its other business activities and assets, including technology and related IP and know-how portfolio, the floater EPCI business line and the exclusivity with the Port of Ardersier in Scotland for a floater production line, the Floatgen demonstrator, and the ownership in the EolMed offshore floating wind farm pilot.
BW Ideol will also retain all its teams, including engineering, business development, project execution, supply chain, legal, innovation, finance.
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BW Ideol is the only floating technology provider with two full-scale assets in operation in France and Japan.
ADEME Investissement is a French State-owned investment company aiming at financing innovative infrastructure projects funded by the Investment for the Future Program.
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