Fred. Olsen Seawind has agreed to acquire Vattenfall’s 50% stake in the 1GW Muir Mhòr floating offshore wind project in eastern Scotland, UK, effectively gaining full ownership of the project.
The transaction awaits necessary regulatory approvals.
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Muir Mhòr, positioned approximately 63km off the Aberdeenshire coast near Peterhead, was granted seabed rights in 2022 during the ScotWind leasing round.
It stands as one of the early commercial-scale floating offshore wind projects globally.
The project aims for an early allocation round and is scheduled to begin generating renewable energy in the early 2030s.
Fred. Olsen Seawind CEO Maren Lundby said: “Fred. Olsen Seawind is excited about taking full ownership of Muir Mhòr and continuing to drive the project through its next milestones.
“We have built an excellent team and are working together with the Scottish Government and National Energy System Operator (NESO) to secure our offshore consent and accelerated grid date.
“Fred. Olsen-related companies have a long, proud history in Scotland from 1902 in shipping, manufacturing, forestry, offshore oil and gas, hydropower and, in the last 30 years, also renewable wind power and renewable consultancy.
“Floating offshore wind has the potential to kick-start a new global industry and, as part of Bonheur, Fred. Olsen Seawind will leverage the related companies’ expertise to complete the development process and advance toward construction and generation.”
The development of Muir Mhòr will proceed according to schedule, pending the acquisition of all requisite development permits, including offshore consent.
The partners view this as the most efficient way to finalise development and qualify for an early allocation round.
Vattenfall’s exit from the project aligns with its strategic focus on other offshore wind developments like Nordlicht I and II in Germany and Zeevonk in the Netherlands.
Meanwhile, the Clashindarroch II onshore wind farm in Scotland is under construction, with initial power generation anticipated in 2027.
In January this year, Vattenfall confirmed its final investment decision for the Nordlicht offshore wind cluster in Germany following the Federal Maritime and Hydrographic Agency’s issuance of an irrevocable permit for the Nordlicht II offshore wind farm.
