Pentland Floating Offshore Wind Farm, a Scottish project developed by Copenhagen Infrastructure Partners (CIP), has secured investment from Great British Energy, National Wealth Fund and Scottish National Investment Bank, each with the option to invest up to GBP 50 million (approximately EUR 58 million), the developer said on 19 November.
Each of the investors has acquired an initial shareholding to participate in the development of the 100 MW floating wind farm, planned to be built 7.5 kilometres off the coast of Dounreay in Caithness.
“This is just the beginning of our investment strategy and will help bring good, skilled jobs to the Scottish Highlands” , said Dan McGrail , CEO of Great British Energy.
“I am pleased to work with the National Wealth Fund, the Scottish National Investment Bank and the Copenhagen Infrastructure Partners on this project – this sets out our aspiration to become the UK government’s energy developer.”
In April 2024, Pentland Floating Offshore Wind Farm received approval from Scottish Ministers on a variation application to refine its offshore consents. This included a reduction in the number of turbines, which will now be deployed within a smaller area while maintaining 100 MW capacity.
The project’s operational lifespan will be up to 25 years, during which the floating wind farm will be generating enough green electricity to power up to 70,000 homes, according to its developers.
Pentland Floating Offshore Wind Farm is owned by Highland Wind Limited, which was majority owned by Flagship Funds managed by CIP, with Hexicon as a minority shareholder, until June last year, when Eurus Energy acquired a stake. The project partners are now joined by the three new investors.