Black Friday is Now! Don’t miss out on up to 60% OFF InvestingProCLAIM SALE

Norway's Equinor bids in Scottish offshore wind lease round

Published 19/07/2021, 07:25
© Reuters. FILE PHOTO: Equinor's logo is seen at the company's headquarters in Stavanger, Norway December 5, 2019. REUTERS/Ints Kalnins/File Photo

OSLO (Reuters) - Equinor said on Monday it submitted a bid for offshore floating wind power project in Scotland's leasing round as the Norwegian energy firm continues to develop its North Sea offshore wind cluster and deepen its presence across the UK.

The company will meet fierce competition for leases, with the Scottish programme attracting interest from offshore wind developers and oil producers seeking to increase their renewable power portfolios.

The ScotWind leasing round is a good strategic fit with our ambition to expand North Sea offshore wind capacity, Equinor said in a statement.

The firm already operates the small Hywind floating offshore wind farm (30 megawatt), off the northeast coast of Scotland, and is a partner in several other British offshore wind farms.

The Scottish leasing round offered a great opportunity to develop large floating offshore wind projects at scale, Equinor added.

Crown Estate Scotland's ScotWind wind leasing tender is its first for a decade, and is forecast to lead the development of around 10 gigawatts of offshore wind capacity, with much of this expected to use floating wind technology.

© Reuters. FILE PHOTO: Equinor's logo is seen at the company's headquarters in Stavanger, Norway December 5, 2019. REUTERS/Ints Kalnins/File Photo

Norwegian offshore wind developer Magnora Offshore wind also confirmed on Monday that it submitted application for two zones in Scotland together with TechnipFM.

The results of the ScotWind leasing round are expected to be announced early next year.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.