06/25/2021

Fred. Olsen Renewables and Vattenfall enter into partnership for offshore wind in Scotland

Fred. Olsen Renewables (a wholly owned subsidiary of Bonheur ASA), and Vattenfall have today entered into a partnership on a 50/50 basis in order to bid in the upcoming leasing round for offshore wind in Scotland.

The partnership reflects both companies’ commitment to Scotland’s progress towards net zero emission and the country’s ambition to become a world leader in offshore wind. Dependent on a successful award, the partnership will focus on achieving maximum value for the Scottish economy through creating a local and sustainable supply chain in Scotland and will bring long term economic benefits to local communities.

The partnership combines the skills and experience of two of Europe’s leading renewable energy developers, with a strong track record of delivering renewable energy projects in Scotland and through engagement with local supply chains and communities. This unique combination of skillset and experience provides the opportunity to demonstrate how Scotland’s renewable energy ambitions can be realized when industry, government and communities work together. 

Scotland’s upcoming offshore wind leasing round, “ScotWind”, will include up to 15 areas amounting to 10 GW in capacity. Bids for lease options will be due in July, with an award of option agreements expected in Q1 2022. Upon obtaining key consents and permissions from relevant authorities, an option can be exercised to obtain a lease for an offshore wind farm development.

Helene Bistrom, Head of Business Area Wind at Vattenfall, said:

“This Joint Venture brings together two companies with strong track records in Scotland. We fundamentally understand the importance of developing projects which benefit the local economy and environment while ensuring the best possible value for bill payers.

Vattenfall’s goal is to enable fossil-free living within one generation, and we are very excited to be working with Fred. Olsen Renewables to bring the best of our experience together to create a strong offer for Scotland.”

Anette Olsen, Managing Director of Bonheur ASA and Proprietor of Fred. Olsen & Co. said:

“30 years ago, our journey in renewables started in Scotland. Today, Fred. Olsen related companies employ more than 350 people in Scotland. Our focus has always been to create local value, and together with Vattenfall we are confident that we can build on our joint presence in Scotland and deliver offshore wind with considerable local benefits.

We are very pleased with this partnership, which builds on long standing relations between Vattenfall and Fred. Olsen-related companies. Through our partnership we will provide opportunities and create maximum value for the Scottish economy, local suppliers and communities.”

Fred. Olsen Renewables is a developer, owner and operator of renewable energy with a strong history, with 12 operating wind farms and a total project pipeline of ~4 GW in onshore and offshore wind. The company is one of the leading independent renewable power producers in the UK and has been developing and operating wind farms in Scotland since the mid-1990’s, incl. bringing forward Scotland’s first consented wind farm. Fred. Olsen-related companies employ more than 2000 people within renewables and have in-depth experience from offshore wind, i.a. through Fred. Olsen Renewables’ offshore wind development activities in Ireland, Norway and the US and through the wind service companies Fred. Olsen Windcarrier and Global Wind Service.

Vattenfall currently operates more than 1 GW of wind energy capacity in the UK, including the European Offshore Wind Deployment Centre in Aberdeen Bay which offers the domestic supply chain the chance to test and demonstrate the latest innovations in a real-world environment. Vattenfall is also constructing South Kyle, a 240 MW onshore wind project in South West Scotland.