Caithness Offshore Wind Project, UK

Caithness Offshore Wind Project is a 1,000MW offshore wind power project. It is planned in North Sea, Scotland, the UK. The project is currently in announced stage. It will be developed in single phase. The project construction is likely to commence in 2024 and is expected to enter into commercial operation in 2028.

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Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.

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Project Type	Total Capacity (MW)	Active Capacity (MW)	Pipeline Capacity (MW)	Project Status	Project Location	Project Developer
Offshore	1,000	–	1,000	Announced	Scotland, the UK	BlueFloat Energy; Falck Renewables; Orsted

Description

The project is being developed by BlueFloat Energy, Falck Renewables and Orsted. These companies also have ownership stakes in the project.

The project cost is expected to be around $4,487.5m. The turbines will be mounted on floating type foundations.

Development Status

The project construction is expected to commence from 2024. Subsequent to that it will enter into commercial operation by 2028.

About BlueFloat Energy

BlueFloat Energy LLC ( BlueFloat Energy) is a developer of utility scale offshore wind energy projects. The company is headquartered in Spain.

About Falck Renewables

Falck Renewables SpA (Falck Renewables) is a subsidiary of Falck SpA that develops, designs, constructs and manages energy production plants. The company produces clean energy from various renewable sources including wind energy, solar energy, biomass energy, and waste-to-energy. It also offers various activities such as technical/economic evaluation, pre-feasibility and feasibility studies, design and financial plan including executions such as negotiation and assignment of contracts, preparation of the contract technical specifications and contractual documents, construction supervision, up to operation and maintenance and energy portfolio management activities. The company has operational presence in the UK, France,Japan, US, Norway, Sweden and Spain.Falck Renewables is headquartered in Milan, Lombardia, Italy.

About Orsted

Orsted AS (Orsted) is a renewable energy company. It develops, constructs, and operates offshore and onshore wind farms, bioenergy plants, solar farms, and energy storage facilities, and provides waste-to-energy solutions and smart energy products. The company produces heat and electricity using coal, natural gas, oil, biomass, wind and solar sources; and sells power and gas in wholesale and retail markets, and optimizes and hedges its energy portfolio. Orsted also owns and operates gas and power contracts, and originates and trades these for optimizing its portfolio; and operates Renescience plants, biogas upgrade facilities and biogas plants. It has operations in the UK, Denmark, Germany, the US, the Netherlands and other. Orsted is headquartered in Fredericia, Denmark.

Methodology

All power projects included in this report are drawn from GlobalData’s Power Intelligence Center. The information regarding the project parameters is sourced through secondary information sources such as electric utilities, equipment manufacturers, developers, project proponent’s – news, deals and financial reporting, regulatory body, associations, government planning reports and publications. Wherever needed the information is further validated through primary from various stakeholders across the power value chain and professionals from leading players within the power sector.