© Supplied by Flotat 
GB Energy is considering making an investment in Green Volt, the UK’s first commercial-scale floating offshore wind farm, according to a person with knowledge of the matter.
Green Volt is expected to be a catalyst for a build-out of the floating offshore wind supply chain in the UK and mainland Europe, with a projected installation capacity of up to 560 MW.
A spokesperson for Green Volt said: “We are developing the largest commercial-scale, floating offshore windfarm in the world, working to hugely ambitious timelines to deliver the government’s goal of 43-50 GW of offshore wind by 2030.
“As we further progress the Green Volt project we are in regular dialogue with potential debt and equity investors and we are open to exploring all possibilities for future collaboration.”
James Blake, commercial manager at Flotation Energy, the UK developer behind the £2.5 billion project, said while speaking on a panel at Energy Industries Council event Bankable Energies in February that the developer expects to reach a final investment decision this year.
The spokesperson declined to comment on whether the project is still on track to finalise an investment decision in 2025.
GB Energy, which received royal assent to operate in May, was initially capitalised with a budget of £8.3bn, and committed its first £200m investment in installing solar panels on schools, hospitals and public buildings.
First of a kind
Planned for development in the North Sea offshore Peterhead in Aberdeenshire, the Green Volt project is expected to comprise 35 turbines and to deliver power for 35 years. It will have the capacity to deliver 1.5 terawatt-hours of electricity to the grid each year.
The Green Volt floating offshore wind farm was the first and only floating offshore wind project to be successful at winning a contract for difference (CfD) in the government’s sixth allocation round (AR6) for renewable power.
As part of the national allocation round in September, the developers secured a £139 per megawatt-hour fixed price of power for the project. Green Volt is expected to start delivering power from 2029.
In October, Green Volt confirmed that Aberdeen would be the strategic and operational headquarters for the project. The floating offshore wind farm is expected to unlock £2.5 billion of private investment and create 2,800 jobs, according to the developers.
Last year, UK developer Flotation Energy and Norwegian company Vårgrønn said they would locate operations in Aberdeen because it has the largest concentration of subsea supply chain companies in Europe.
Flotation Energy, which is owned by Tokyo Electric Power Company (TEPCO), was also a joint development partner for the Kincardine 50 MW floating offshore demonstrator, which remains the largest operating prototype of its kind in the north of Scotland.
Floating offshore wind is a fledgling industry compared to fixed-bottom offshore wind, and has been posed as a solution for installing turbines at depths of 70 metres or more.
Green Volt is expected to catalyse the development of ports infrastructure in the region and stimulate the floating offshore wind supply chain. The UK government has a goal to develop 5 GW of floating offshore wind by 2030.
It is consulting on its next allocation round, AR7, following which it plans to remove eligibility criteria to allow unconsented projects to qualify and extend the CfD strike price beyond 15 years.
Vårgrønn chief executive Stephen Bull said in October: “To build a national industry a comprehensive floating wind strategy is required – from development of supply chain and ports, innovation projects, awarding of new acreage, and route to market through contract for differences to attract private investments across the industry value chain.”
