Van Oord sells stake in 19-MW Borssele V offshore wind farm to Octopus

A consortium of companies, including Dutch marine contractor Van Oord, has offloaded its share in the 19-MW Borssele V offshore wind farm in Dutch waters to renewable energy investor Octopus Energy Generation.

The value of the transaction was kept under wraps.

Van Oord is part of Two Towers BV, a consortium also including Investri Offshore BV and Green Giraffe BV, which won the test site in a tender in 2018. The Dutch firm said today that the exit supports its strategy of recycling capital for future projects.

Borssele V was built within a designated innovation site in an area located more than 20 km off the coast of Zeeland. The plant is equipped with two Vestas 9.5 MW turbines that were brought online in 2021 and have a combined annual power production equal to the demand of 25,000 Dutch homes.

Dutch utility Eneco is operating the wind farm, while domestic green energy company Vandebron is the power off-taker.

Borssele V is part of the 1.5-GW Borssele wind farm cluster in the North Sea. The plant has the world’s first submerged slip joint foundation -- an alternative connection between foundation elements, a monopile and a transition piece. The slip joint was designed by Van Oord. The company will continue its monitoring for another six years and will also seek to use the solution in larger-scale projects.

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