01/17/2022

Fred. Olsen Seawind and Vattenfall partnership with successful award of floating offshore wind site in ScotWind leasing round

Today a 50/50 partnership between Fred. Olsen Seawind (wholly owned by Bonheur ASA) and Vattenfall has been announced as a successful bidder in the Crown Estate Scotland’s ScotWind offshore wind leasing round. The partnership has been awarded rights to develop a floating offshore wind project off the east coast of Scotland, north east of Aberdeen, with a capacity of up to 798 MW - enough electricity to power up to 700,000 homes.

The project builds upon leading industry expertise, strong track record of delivering renewable energy projects and innovative solutions to the challenges of floating offshore wind, generating manufacturing and fabrication opportunities locally and increasing long term sustainable jobs and value creation.

Fred. Olsen Seawind is an established offshore wind developer building on Fred. Olsen-related companies’ 25 years of wind development expertise and leading market positions across the whole offshore wind value chain. The company combines a fully integrated business model with service and supply chain experience, together with access to various innovative solutions from Fred. Olsen 1848. Fred. Olsen Seawind is thereby uniquely positioned to bring forward large, commercial scale offshore wind projects that deliver significant economic, social and environmental benefits.

Following this award, Fred. Olsen Seawind is in partnerships which have secured sites of up to 1.5 GW offshore wind in Ireland and 0.8 GW offshore wind in Scotland. In addition, the company is well positioned to take part in the upcoming offshore wind market in Norway and is actively pursuing additional projects in existing and new markets.

Fred. Olsen Seawind is exploring long term financing opportunities to enhance further value creation.