United Kingdom: Eni and HitecVision secure Green Volt floating wind project

The Flotation Energy-Vaargroenn joint venture, including Eni and HitecVision, wins a contract for the Green Volt project, a floating wind farm supported by the UK auction.

Share:

éolienne flotation energy

Subscribe for unlimited access to all energy sector news.

Over 150 multisector articles and analyses every week.

Your 1st year at 99 €*

then 199 €/year

*renews at 199€/year, cancel anytime before renewal.

Flotation Energy and Vaargroenn, the joint venture between Eni’s Plenitude and HitecVision, announce that their Green Volt project, a 560 MW floating wind farm, has won a contract in the UK renewable energy auction.
The £2.5 billion project will be located 80 kilometers off the coast of northeast Scotland.
It is the largest floating wind farm to receive government support under this scheme.

Key government support

Contracts for Difference (CfD) in the UK provide economic security by guaranteeing a minimum price for the electricity generated, thereby limiting exposure to fluctuations in the energy markets.
This mechanism, essential for attracting investment in large-scale projects, compensates for differences if wholesale prices fall below the agreed price.
Conversely, producers pay back the difference when prices exceed this threshold.
This support framework is part of a national strategy to achieve 10 gigawatts of additional renewable capacity, meeting carbon emission reduction targets while securing energy supply.

Industrial and logistics outlook

Green Volt requires the development of a robust port infrastructure and local supply chain, creating opportunities for industrial players and offshore service providers.
The strategic positioning of the farm, close to existing facilities, aims to optimize logistics costs and reduce transit times for maintenance and construction operations.
The UK supply chain could benefit directly from this project, particularly in the shipbuilding, component manufacturing and offshore installation services sectors.

Partner positioning

Eni subsidiary Plenitude holds a 65% majority stake in Vaargroenn, while HitecVision controls the remainder.
Both partners aim to expand their renewable energy portfolios.
The UK represents a key market due to its favorable regulatory framework and economic incentives, attracting significant investment from players in the energy sector.
HitecVision is pursuing its diversification strategy by investing in low-carbon projects, consolidating its position in the clean energy market.

An impact on the British energy mix

Green Volt will contribute to the UK electricity grid and also supply energy to nearby oil and gas facilities, facilitating their energy transition.
This model could prove relevant for other future projects, combining renewable energy production and support for existing energy infrastructures.
The UK’s reliance on floating wind technologies is strengthening its energy independence and limiting its dependence on fossil fuels, while meeting the growing demand for electricity.
Renewable energy auctions and support via CfDs demonstrate the UK government’s commitment to maintaining a favorable environment for the development of large-scale projects.
Energy companies such as Flotation Energy and Vaargroenn are adapting their strategies in response to these incentives, favoring investment in projects with high growth potential.

Facing unforeseen cost increases and a tightening regulatory environment, Mitsubishi Corporation is pulling out of three offshore wind projects, casting doubt on Japan's renewable energy ambitions.
With 323 millions USD in cash, Polenergia strengthens its investments in offshore wind, solar and storage, targeting more than 2.3 GW of new energy capacity in Poland.
French group Valorem has commissioned the ViIatti wind complex in Finland, made up of two farms totalling 313 MW and an estimated annual output of 1 TWh.
The Revolution Wind project, already 80% complete, has been halted by the U.S. administration over national security concerns, creating major uncertainty in the sector.
Quebec funds a mobile training unit to address the shortage of wind turbine maintenance technicians, estimated at 400 positions by 2029.
The United States Department of Commerce is assessing the strategic impact of wind turbine imports amid rising tariffs and supply chain tensions.
Six turbines installed by RWE on recultivated land near the Inden mine will supply electricity to around 24,000 households, while two new units are already planned.
Buchan Offshore Wind has submitted its marine consent applications to the Scottish authorities for a large-scale floating wind project, marking a strategic step in energy development in northeast Scotland.
The VSB Group has completed the repowering of the Elster wind farm in Germany, replacing 50 turbines with 16 new Siemens Gamesa machines, increasing the total capacity from 30 to 105.6 megawatts.
The EBRD’s additional financing will raise the capacity of the Gvozd wind farm to 75 MW, making it the largest in the country. This project, led by EPCG, marks a key industrial milestone in Montenegro’s energy sector.
The Russian Ministry of Industry and Trade is announcing "Arctic configuration" wind generators to power infrastructure on the Northern Sea Route, without listing any companies at this stage, with the stated aim of technological sovereignty.
The Danish turbine manufacturer posted a 14% increase in quarterly revenue, despite a sharp drop in order intake and negative cash flow.
German authorities have approved two onshore wind projects totalling more than 86 MW, with commissioning planned from 2027.
Ørsted strengthens its financial structure with a rights issue backed by the state, following the failed partial sale of the US Sunrise Wind project.
Forestalia has signed a ten-year power purchase agreement with Galp Energia Espana to refinance a 42.7 MW wind farm in Aragon, securing stable revenues through coverage of 65% of its annual production.
Encavis AG continues its growth in Germany with the acquisition of a 34-megawatt wind project in Sundern-Allendorf, sold by PNE AG and secured by a twenty-year feed-in tariff.
The last monopiles manufactured by Navantia Seanergies and Windar Renovables have been delivered to Iberdrola for the Windanker offshore project, marking a major milestone for the European XXL offshore wind component manufacturing industry.
Envision Energy's two-blade prototype has now reached over 500 days of continuous operation, achieving a 99.3% availability rate and confirming its potential compared to industrial standards.
RWE signs long-term agreements with North Star for four new service vessels, strengthening maintenance of its offshore wind farms in the United Kingdom and Germany amid a tight market for specialised maritime capacities.
AMEA Power partners with Cox for the second phase of the Agadir desalination plant, set to reach 400,000 m³/day with power supplied by a 150 MW wind farm in Laayoune.

Log in to read this article

You'll also have access to a selection of our best content.

or

Go unlimited with our annual offer: €99 for the 1styear year, then € 199/year.