Leading offshore wind developers Flotation Energy and Vårgrønn today announce that its pioneering floating offshore wind project, Green Volt, has been successful in winning a UK Government Contract for Difference.
Green Volt is a hugely exciting project that will not only supply clean power to the grid, but also help the oil and gas industry meet its goal of halving emissions by 2030.
Stephen Bull, chief executive officer of Vårgrønn, said:
“This award is a clear vote of confidence from the UK Government in our plans to build Europe’s first commercial scale floating offshore wind farm.
"It is fantastic news for both our project and the wider floating offshore wind sector. Green Volt will stimulate investment in new port infrastructure, helping accelerate the development of more floating windfarms. We look forward to expanding our dialogue with the supply industry.”
Nicol Stephen, chief executive officer of Flotation Energy, added:
“Scotland is already a global pioneer in floating wind. This funding will kickstart the next phase of Europe’s largest floating wind project 80 km off the coast of North-east Scotland. Green Volt is a huge £2.5billion project. It will create over 2,800 jobs during construction.
"Once operational, the floating offshore windfarm will supply clean power to the UK grid, while also supplying renewable electricity to nearby oil and gas platforms.”
The Government aims to reach 5GW of floating offshore wind by 2030 and today’s news is a really important step towards this target.
In total, nine offshore wind projects across England and Scotland received funding under AR6.
ESB and Red Rock’s 1.1GW Inch Cape was also successful in the “offshore wind permitted reduction” category. Inch Cape Offshore Wind Limited is a 50/50 equal joint venture between ESB and Red Rock Renewables.