Vårgrønn declines to confirm exit from Green Volt wind project

Norwegian energy firm Vårgrønn has declined to deny speculation regarding its potential departure from the Green Volt floating offshore wind project. When approached for comment on the rumours, chief executive Stephen Bull stated that he could not comment on an active project. The development is currently being pursued in a fifty-fifty joint venture with Edinburgh-based Flotation Energy, though recent commercial moves have raised questions about the partnership’s future stability.

Flotation Energy recently announced a memorandum of understanding with Harbour Energy to assess North Sea offshore electrification opportunities. Vårgrønn was notably absent from this announcement. The proposed collaboration could provide a pathway to market for the project, potentially supplying power to Harbour Energy fields such as Solan, Clair and Schiehallion. This alternative approach may replace the need to bid the remaining capacity into an upcoming allocation round, following the withdrawal of CNOOC as a likely customer for a portion of the output.

The Green Volt project, valued at £2.5bn, is designed to become the world’s largest floating offshore wind farm. It is planned to base up to 35 turbines approximately 50 miles off the north-east coast of Scotland in the outer Moray Firth. A final investment decision is scheduled for this year, with first power and completion targeted for 2029. Flotation Energy has stated that any discussion regarding Vårgrønn’s shareholding is a matter for the Norwegian firm, adding that it does not speculate on commercial hearsay.