N3 Offshore Wind Project, UK

N3 Offshore Wind Project is a 495MW 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 2027.

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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	495	–	495	Announced	Scotland, the UK	Magnora

Description

The project is being developed and currently owned by Magnora.

The project cost is expected to be around $2,221.312m. The project will be spread over an area of 103km².

Development Status

The project construction is expected to commence from 2024. Subsequent to that it will enter into commercial operation by 2027.

About Magnora

Magnora ASA (Magnora) is an oil and gas company that offers engineering, design, and project execution of floating units for offshore applications. The company’s floating production units include Hummingbird spirit, Voyageur spirit, Piranema spirit, Goliat FPSO and Western Isles FPSO, among others. Magnora drilling units comprise Seven Brasil, Seven Louisiana, Seven drillers, and Seven UDW4, among others. The company uses cylindrical hull technology for applications such as mobile offshore drilling units, and floating production storage and offloading units. Magnora offers its units and services for processing plants. The company has its operations in Arendal, Lysaker, and Bergen, Norway. Magnora is headquartered in Oslo, Norway.

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.