Hexicon AB (publ) announces that Pentland Floating Offshore Wind in Scotland has won the UK’s Contracts for Difference (CfD) Allocation Round 7 (AR7). Pentland is a 92,5 MW floating offshore wind project led by Copenhagen Infrastructure Partners (CIP), in which Hexicon holds a 10% ownership interest.
The UK, with Scotland at the forefront, is one of the most advanced markets for floating offshore wind, underpinned by clear ambitions and a substantial project pipeline. In AR7, the project was awarded a CfD for 92.5 MW at a strike price of approximately GBP 216.49/MWh (2024 prices; equivalent to GBP 155.37/MWh in 2012 prices). The auction win marks a major milestone, enabling preparations for construction and continued progress towards delivery.
Pentland is planned to be located approximately 7 km off Scotland’s northern coast and has been under development for several years. Once operational, the wind farm will have the capacity to generate enough renewable electricity to power up to 70,000 homes.
“Pentland winning AR7 is a clear breakthrough after a long development phase that Hexicon initiated back in 2015. For us, it is also a strong confirmation that our core skill set of initiating projects and leading early-stage developments. We can build project value early and bring in the right partners to drive projects onwards into the construction phase,” says Marcus Thor, CEO of Hexicon.
“This CfD award gives us the certainty to move Pentland into the next phase and work closely with the Scottish and UK supply chain. It creates opportunities for skilled jobs, local investment and long-term capability in floating offshore wind,” said Richard Copeland, Project Director of the Pentland Floating Offshore Wind Farm.
Pentland was initiated by Hexicon and was the company’s first project in 2015. A majority stake was sold in 2020 to CIP, which has since led the project’s continued development. For more information, please visit www.pentlandfloatingwind.com
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