Mainstream, Ocean Winds ink seabed option for 1.8-GW ScotWind project

Joint venture (JV) partners Mainstream Renewable Power and Ocean Winds have signed the seabed lease agreement with Crown Estate Scotland for the development of a 1.8-GW floating wind project off the Shetland Islands.

The 50/50 partnership secured the option for the project in the ScotWind clearing process in August this year. The agreement is valued at GBP 36 million (USD 41.4m/EUR 41.9m) in option fees that Mainstream and Ocean Wind will have to pay as successful bidders.

Mainstream on Wednesday said that the partners named the project Arven, the Norwegian word for heritage or legacy, to highlight the Norse history of the Shetland Islands and the legacy that the project team plans to create.

In a separate statement on Wednesday, Crown Estate Scotland said that all three successful bidders in the August clearing process now have seabed option agreements in place. Besides the Mainstream and Ocean Winds JV, ESB Asset Development and Ocean Winds alone also triumphed in the round, with each securing a 500-MW floating wind project.

All three clearing projects will be developed in the so-called NE1 area east of Shetland.

Ocean Winds is a JV of utilities EDP Renewables (ELI:EDPR) and Engie SA (EPA:ENGI). ESB Asset Development is part of Irish electric utility group ESB.

(GBP 1.0 = USD 1.151/EUR 1.163)

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