Apr 23, 2024 (MarketLine via COMTEX) --
Owned by Flotation Energy and VArgrAnn, the floating offshore wind project is expected to be operational by 2029.
VArgrAnn, a joint venture between Plenitude (Eni) and HitecVision, and Flotation Energy have secured offshore planning approval for their 560MW Green Volt floating offshore wind project in Scotland.
The offshore approvals follow the onshore consent obtained earlier this month.
With this approval, Green Volt now has all the necessary planning approvals and is poised to become the first commercial-scale offshore wind farm in Europe.
Green Volt, which is expected to begin operations in 2029, will feature up to 35 floating wind turbines upon completion.
In November last year, the partners finalised exclusivity agreements for two floating offshore wind farms, the 560MW Green Volt and the 1.4GW Cenos.
These agreements were part of Crown Estate ScotlandaEUR(TM)s Innovation and Targeted Oil & Gas leasing round.
The initiative aims to integrate renewable energy production with existing offshore oil and gas operations.
The agreements stipulate that the wind farms will supply renewable electricity directly to oil and gas platforms.
This will replace the current power generation from natural gas and diesel, aligning with global efforts to reduce reliance on fossil fuels.
Additionally, Green Volt is set to contribute to the UK's electricity grid, potentially cutting carbon emissions by one million tonnes per year.
Scotland First Minister Humza Yousaf said: aEURoeIt is great news that we have consented the first project in the Crown Estate ScotlandaEUR(TM)s Innovation and Targeted Oil and Gas (INTOG) leasing round aEUR" this is a significant milestone, which will help secure ScotlandaEUR(TM)s place at the forefront of floating wind technology.
aEURoeWe have already underlined our commitment to making Scotland a global leader in offshore wind by committing to invest up to AGBP500m [$618.02m) over five years to catalyse private investment in the infrastructure and manufacturing facilities critical to the growth of the sector.aEUR
VArgrAnn CEO Olav Hetland said: aEURoeWith Green Volt being EuropeaEUR(TM)s first commercial-scale floating wind project, achieving offshore consent for the project marks an important moment for the whole offshore wind industry.
aEURoeAt 560MW, Green Volt serves as an essential stepping stone from current small-scale projects to gigawatt-size developments, supporting the supply chain in scaling up new technology.
aEURoeFloating wind is set to be a huge global market in the decades to come. By being a frontrunner, Scotland is now positioned to be home to world-leading expertise and a whole industry of new jobs. Green Volt will deploy pioneering technology at an unprecedented scale, advancing what is possible in renewable energy.aEUR
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COMTEX_451282915/2227/2024-04-23T09:39:19
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