August 19, 2022

BW Offshore, an FPSO, has submitted a bid to develop offshore wind farms in the United Kingdom

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BW Offshore, which is an Oslo-listed firm, best known for its FPSO leasing company in the gas and oil sector, announced that it had submitted bids to establish up to about 5.4 gigawatts of the offshore wind as a portion of the very first offshore wind ScotWind leasing session in Scotland, UK, with United States renewable energy and utility firm Invenergy.

“Together, we offer a distinct blend of competence and ambition to execute Scotland’s next stage of energy transformation, bringing significant international project creation experience and a proven track record for creating local value.” ScotWind will be essential in meeting the country’s offshore wind ambitions, and BW Offshore said, “Our goal is to be a major part of this process, committed to collaborating with Scotland’s supply chain to speed the energy transformation.”

“The joint venture will focus on building both floating as well as fixed foundation offshore wind facilities off Scotland’s Northeast Coast, with the projects likely to contribute billions of pounds of expenditure to the Scottish and UK supply chain,” stated Marco Beenen, Chief Executive Officer of the BW Offshore. The initiatives are also expected to generate a significant number of high-value specialized employment in Scotland, both directly and indirectly, which will have a significant economic impact on Scotland for years to come.

Invenergy is a global leader in developing, owning, and operating large-scale renewable energy as well as other clean energy production and storage facilities. The company has constructed upwards of 180 facilities across four continents with a combined capacity of over 29 gigawatts, backed by over $43 billion in secured finance. Invenergy and BW Offshore have a combined track record of executing multi-gigawatt, multi-billion-dollar power projects from concept to completion, focusing on local supply chains and developing locally-based project teams. BW Offshore announced that “Invenergy has collaborated with BW Group firm BWLNG for the implementation of an LNG-to-power Floating Storage and Regasification Unit (FSRU) venture in El Salvador worth $1.3 billion.”

ScotWind, which is a seabed leasing phase administered by Crown Estate Scotland that seeks to allow for the establishment of up to ten gigawatts (GW) of additional offshore wind farms in Scotland’s coastal seas.

The application period for registered applicants commenced in January 2021, and 74 applications were received by the deadline of 5 p.m. on Friday, July 16. Both “traditional” renewables heavyweights like RWE, Iberdrola, Ocean Winds, Orsted, and Vattenfall, as well as oil majors aiming to diversify, like Shell, TotalEnergies, and BP, have expressed interest in the seabed round in which businesses apply for the permit to develop wind farms.

According to the Crown Estate Scotland site, Scotland’s goal is to get 50% of the country’s overall energy usage from renewables by 2030 and to achieve net-zero emissions by the year 2045. ScotWind is the initial round of the offshore wind leasing in the Scottish waters in a decade to assist the country in meeting its climate and emissions mitigation targets.

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