Pentland Floating Offshore Wind Farm off the northern coast of Scotland — developed by funds managed by Copenhagen Infrastructure Partners P/S — has announced investment from the Scottish National Investment Bank, Great British Energy and the National Wealth Fund, each with the option to invest up to £50 million.
The wind farm is located off the coast of Dounreay in Caithness.
Once operational, it will have capacity to generate enough green electricity to power up to 70,000 homes.
The project, being developed by Highland Wind Limited, is majority owned by Copenhagen Infrastructure Partners P/S (CIP).
It will use a number of innovative technologies to help accelerate the industrialisation of floating offshore wind (FLOW) while delivering significant benefits to the local economy. More than 1,000 jobs are expected to be created and supported throughout construction and operation.
Scotland has the offshore wind capacity to deliver 40GW of electricity, which is enough to power millions of homes while creating jobs and boosting the economy. Floating offshore wind farms are critical to realising this opportunity.
They can be developed in locations where fixed turbines aren’t viable, and they represent 60% of the potential energy pipeline.
Nischal Agarwal, Partner in CIP, said: “Copenhagen Infrastructure Partners (CIP) is committed to playing a full role in helping to deliver the UK Government’s Clean Power 2030 vision, and we are delighted to welcome NWF, GBE and the Bank as new partners to our Pentland Floating Offshore Wind project.
“FLOW holds significant potential to innovate, reduce its technology costs, and establish a world leading UK supply chain capable of enabling scale-able low carbon power generation to meet future growth in electricity demand.”
Mark Munro, Chief Investment Officer at the Scottish National Investment Bank, said: “The offshore wind potential in Scotland is considerable both as a source of energy and, particularly with floating, to export our supply chain.
“However, substantial investment is needed to capitalise on the opportunity and ensure it delivers transformational impact for our economy and our communities.
“The Bank has developed significant expertise in Scotland’s burgeoning offshore wind sector and has invested in all areas of the supply chain. Our commitment of up to £50m to support the Pentland Project is an important step toward developing a thriving and sustainable economy.”
Ian Brown, National Wealth Fund Head of Banking and Investments, said: “Increased and sustained investment in offshore wind is crucial to the clean energy transition and key to bolstering the UK’s energy security. It is essential for the public and private sector to work together to achieve this. Our investment in the Pentland wind farm is a perfect example of that collaborative approach.
“Working with Great British Energy and the Bank, we are building on the more than £240m we have so far invested in offshore wind port and supply chain infrastructure to support CIP in the development of a key project which will help to deliver clean energy, high quality jobs and economic growth to the UK.”
Dan McGrail, CEO of Great British Energy, said: “This is just the beginning of our investment strategy and will help bring good, skilled jobs to the Scottish Highlands.
“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.
“It also reflects GBE’s ambition, capability, and commitment to making the UK a clean energy superpower.”
Scotland’s Deputy First Minister Kate Forbes said: “This investment means the Scottish National Investment Bank can work closely with the developer to support the Scottish supply chain, enhance innovation and boost job opportunities.
“We are leading the way in the floating wind sector but are ambitious to go further and take full advantage of the economic opportunities Scotland’s natural resources and technical expertise provide.
“That is why we are investing up to £500 million over five years in the infrastructure and manufacturing facilities critical to growing the offshore wind sector, which is expected to leverage additional private investment of £1.5 billion.”