NorSea and Parkwind to invest £5m in floating wind technology

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Supply chain firm NorSea Group and wind farm developer Parkwind will form part of a finance group looking to invest in new floating wind turbine technology.

The £5 million in financing will support the second scale-up of the SeaTwirl offshore floating wind turbine.

The investment group includes supermarket retail corporation Colruyt Group, which Parkwind is a subsidiary.

NorSea Group hold a base in Aberdeen.

SeaTwirl are a Swedish-based wind turbine developer.

SeaTwirl’s chairman Roger Cederberg.“Having NorSea Group and Colruyt Group/Parkwind as partners would enable to take SeaTwirl to a whole new level with the respective companies’ expertise in offshore operations and the establishment of offshore wind farms.”

A Letter of Intent has been signed outlining the key terms and conditions of the contemplated partnership and capital increase, subject to confirmatory due diligence proceedings, with both new partners – NorSea Group from Norway and Colruyt Group from Belgium.

John Stangeland, chief executive of NorSea Group, said: “The global demand for clean and sustainable wind energy is growing fast.

“NorSea Group wants to contribute with experience and resources into the green and renewable sector.

“We recognize that the industry will need to move further offshore into water depths where fixed-foundation turbines are not feasible and at the same time improve the cost for the total supply chain for floating solutions.”