Mainstream Renewable Power and Ocean Winds sign Seabed Lease Agreement For 1.8 GW Floating Offshore Wind Scotwind Site

Mainstream Renewable Power (“Mainstream”), the global pure-play renewable energy company, and Ocean Winds, the international company dedicated to offshore wind energy, have signed the seabed lease agreement with Crown Estate Scotland to the value of GBP 36 million for the development of a 1.8 GW floating offshore wind farm off the Shetland Islands in Scotland. Mainstream and Ocean Winds were appointed preferred bidder by Crown Estate Scotland during the ScotWind clearing process in August 2022.

With secured development rights, Mainstream and Ocean Winds have named the project Arven Offshore Wind Farm. As the Norwegian word for heritage or legacy, Arven provides a link to the proud Norse history of the Shetland Islands and to the legacy which both partners plan to create on site. With a 50-50 ownership, both Mainstream and Ocean Winds are committed to developing floating offshore wind on an industrial scale, generating local jobs and opportunities in Scotland and the Shetland Islands. The site output has the potential to power the equivalent of over 2 million homes and save 3 million tonnes of carbon emissions each year.

Mainstream, through its recent combination with Aker Offshore Wind, has created a global frontrunner in offshore wind, combining Aker Offshore Wind’s strong technical and engineering capabilities and early mover position in floating offshore wind with Mainstream’s proven project development methodology, and execution track record. The company has already partnered with Ocean Winds in the joint venture KF Wind in South Korea and is in a consortium to bid in the upcoming leasing round for floating wind at Utsira Nord in Norway. Mainstream and Ocean Winds are also major shareholders in the leading floating wind technology provider Principle Power.

With a proven foundation of delivery of projects, including Moray East, the largest offshore wind farm in Scotland, together with pioneering floating projects such as WindFloat Atlantic in Portugal, Ocean Winds is well placed to take advantage of this opportunity to support the growth of the floating wind sector in Scotland. Ocean Winds is currently operating, building and developing three offshore wind projects in Scotland (Moray East – 950 MW, Moray West – 882 MW and Caledonia – up to 2 GW). With this award, Ocean Winds now has a total portfolio of 6.1 GW in Scotland.