The Pentland floating offshore wind (FLOW) project has received a significant boost, with Great British Energy (GBE), the National Wealth Fund (NWF), and the Scottish National Investment Bank each committing up to £50m ($65.75m) to the project.
This investment strengthens Scotland’s clean energy targets, supporting energy security and employment opportunities in the region.
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The Pentland floating offshore wind farm is being developed by Highland Wind off the coast of Dounreay and is majority owned by Copenhagen Infrastructure Partners (CIP).
The three investors have each acquired an initial shareholding, enabling them to participate in the project’s development phase.
GBE CEO Dan McGrail said: “This is just the beginning of our investment strategy and will help bring good, skilled jobs to the Scottish Highlands.
“I am pleased to work with the National Wealth Fund, the Scottish National Investment Bank and the Copenhagen Infrastructure Partners on this project – this sets out our aspiration to become the UK government’s energy developer.
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By GlobalData“It also reflects GBE’s ambition, capability, and commitment to making the UK a clean energy superpower.”
Upon commissioning, the wind farm is expected to generate enough green electricity to power up to 70,000 homes.
The project aims to speed up the industrialisation of FLOW technology.
It is also expected to create and sustain more than 1,000 jobs throughout both the construction and operational phases.
This investment showcases the ability of public finance institutions to collaborate in supporting early-stage clean energy technologies.
Scotland’s offshore wind capacity is projected to deliver around 40GW of electricity, sufficient to power millions of homes while generating employment and economic growth.
CIP partner Nischal Agarwal said: “Copenhagen Infrastructure Partners is committed to playing a full role in helping to deliver the UK government’s Clean Power 2030 vision, and we are delighted to welcome NWF, GBE and the bank as new partners to our Pentland Floating Offshore Wind project.
“FLOW holds significant potential to innovate, reduce its technology costs, and establish a world-leading UK supply chain capable of enabling scalable low-carbon power generation to meet future growth in electricity demand.”
