Flotation Energy, Vargronn ink offshore wind alliance to green Scottish oil, gas

Norwegian offshore wind developer Vargronn and Edinburgh-based sector company Flotation Energy have signed a partnership to deploy offshore wind energy for the decarbonisation of oil and gas installations in the North Sea.

The power surplus from the offshore wind farms will be supplied to UK consumers, the two companies said in a statement on Tuesday.

The partners plan to compete in Crown Estate Scotland’s Innovation and Targeted Oil and Gas (INTOG) leasing round which is expected to advance the decarbonisation of the offshore industry and help Scotland come closer to its net-zero target.

“Decarbonising UK Oil and Gas platforms is an urgent priority. Flotation Energy initiated early development work in 2020. We are determined to push forward so that our floating wind projects are delivering renewable energy to the oil and gas sector by the mid-2020’s," said Flotation Energy's co-founder and chief executive Lord Nicol Stephen.

The partnership combines Flotation Energy's strong position in Scotland, its know-how in the project and engineering management of large infrastructure projects and Vargronn's offshore wind competence and financial expertise.

The Scotland-based company was involved in the development of the 50-MW Kincardine wind farm off the Scottish coast which went online in August 2021 as the world's largest floating wind park.

Flotation Energy has a 10-GW pipeline of offshore wind projects located in the UK, Ireland, Taiwan, Japan and Australia.

Vargronn is a joint venture between Italian oil and gas company Eni SpA (BIT:ENI) and Norwegian energy-focused private equity firm HitecVision AS.

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