GIG, TotalEnergies, RIDG ink ScotWind lease-option deal for 2-GW project
Offshore wind. Source: Natural Environment Research Council (NERC).
The joint venture between Macquarie’s Green Investment Group (GIG), TotalEnergies and RIDG – Renewable Infrastructure Development Group has officially signed an Option to Lease Agreement for a 2-GW offshore wind area in Scottish waters.
The partners secured the right to lease the site after taking part in Crown Estate Scotland’s ScotWind offshore wind leasing round, which wrapped up in January. They were awarded the N1 area to develop the West of Orkney wind farm, 30 km (18.6 miles) off the west coast of Orkney in Scotland.
The West of Orkney offshore park is planned to start producing electricity by 2029. Upon completion, it is likely that the plant would deliver power to the Flotta Hydrogen Hub in Orkney.
The project is estimated to require an investment of over GBP 4 billion (USD 5.23bn/EUR 4.79bn) and will come with a GBP-140-million initiative to support the development of the local supply chain.
The West of Orkney Windfarm joint venture is controlled by GIG, which owns 46.75%, while TotalEnergies and RIDG hold stakes of 38.25% and 15%, respectively. GIG has signed the lease-option agreement through its recently set up offshore wind platform Corio Generation.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.