Cornwall’s Wave Hub test site bought by Swedish company for £ 2.4million
Swedish floating wind farm developer Hexicon has purchased the Wave Hub site off Cornwall, paving the way for a more than £ 100million floating demonstration project in the Celtic Sea by 2025.
The deal, announced in May, sees Hexicon – through its UK subsidiary TwinHub Limited – acquiring the assets of Wave Hub Limited from the Cornwall Council for £ 2.4million.
TwinHub intends to develop the site for a 30-40 MW floating offshore wind project and deploy its innovative twin-turbine floating foundation.
Hexicon is working with Bechtel, a global leader in engineering, construction and project management to implement the program.
The deal was managed by Cornwall Council offshore renewable energy company Celtic Sea Power, whose acting chairman and managing director Steve Jermy said: floating wind power offshore to the Celtic Sea .
“We look forward to working with Hexicon to capture the significant economic and environmental benefits of this project for Cornwall and the UK. “
Marcus Thor, Managing Director of Hexicon, said: “The acquisition of Wave Hub by TwinHub is very much in line with Hexicon’s long-term ambition to develop large-scale floating wind projects capable of delivering energy. renewable coherent and secure at the lowest possible cost. We look forward to supporting Cornwall’s aspirations to become a base for floating offshore wind projects in the Celtic Sea.
Stephen Rushworth, Economics Portfolio Holder at Cornwall Council, said: “We are delighted that TwinHub has acquired the assets of Wave Hub to deploy its revolutionary floating wind technology. We want Cornwall to be a leader in the Green Industrial Revolution and this agreement puts us at the heart of the floating offshore wind revolution. “
Celtic Sea Power has estimated that over 70% of the UK’s energy needs could be met from the Celtic Sea’s energy resources.
The installation of 3 GW of electricity could create more than 1,500 primary jobs and the floating wind export market could be worth £ 3 billion by 2030, generating an additional net GVA of 900 million pounds sterling for the regional economy.
In July 2021, the Crown Estate announced that it had given the green light to three floating test and demonstration offshore wind projects in the Celtic Sea, totaling 300 MW. The progress of these projects is subject to the results of a habitat regulation assessment.
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Together, the sale of Wave Hub and these follow-up opportunities from The Crown Estate make the Celtic Sea a key region for the development of floating offshore wind and represent key steps towards the UK government’s ambition to deliver 1 GW of floating wind power by 2030. To put this in context, a total of around 130 MW of floating wind power is currently installed worldwide.
The assets of Wave Hub Ltd include a 30 MW grid connection and an agreement with Western Power Distribution (expandable to 40 MW); a four-way hub on the seabed 16 km offshore and four inter-network cables; a land substation and associated land; an agreement on eight square kilometers of sea with water depths between 51m and 57m, and a 25-year seabed lease option from The Crown Estate with one of the best offshore wind resources in Europe.
Celtic Sea Power was advised by KPMG and Burges Salmon.