The world's first floating offshore wind farm, Hywind Scotland, boosted by Masdar's £52.5 million investment.
Masdar, Abu Dhabi's renewable energy company, has invested £52.5 million in Hywind Scotland - a 30MW floating offshore wind farm on the north east coast of Scotland.
The investment, announced during Abu Dhabi Sustainability Week, means Masdar's UK electricity generating capacity is now 1.06GW.
When complete, Hywind Scotland will be the first floating wind farm in the UK and its novel technology offers vast, global potential. This pilot project aims to take advantage of Scotland’s huge offshore wind resource by operating in waters exceeding 100 metres depth, demonstrating cost efficient and low risk solutions for commercial scale parks.
Keith Brown, Scotland's cabinet secretary for the economy and fair work
Norway's Statoil confirmed plans for Hywind Scotland in November 2015, with commercial operation due to begin in late 2017. Statoil will remain the major shareholder and operator of the project.
Located off the coast of Peterhead in Abderdeenshire, Hywind Scotland consists of five 6MW floating wind turbines anchored to the seabed.
The average wind speed in this area of the North Sea is around 10 metres per second.
Mohamed Jameel Al Ramahi, chief executive officer of Masdar, said:
"Masdar is excited to join the team developing the world’s first floating wind farm, and to build on our partnership with Statoil.
"Hywind Scotland represents the next stage in the evolution of the offshore wind industry."
Scotland's floating offshore wind capability
It's little surprise that global companies like Masdar and Statoil have chosen Scotland for their floating offshore investments.
With 25% of Europe's offshore wind resource, we've got the natural resources needed to turn offshore wind into a competitive energy source.
The objective of the Hywind pilot farm is to demonstrate cost efficient and low risk solutions for future commercial-scale floating wind farms. This will further increase the global market potential for offshore wind energy.
Irene Rummelhoff, executive vice president for new energy solutions, Statoil
And our supply chain companies benefit from the skills and experience built up over decades supporting our oil and gas industry in the harsh environment of the North Sea.
We're also committed to supporting the renewable energy industry in Scotland.
That means we're here to help companies like yours invest in Scotland.
Joining our renewable energy revolution means benefiting from financial support, competitive tax networks and a highly developed infrastructure including a mature network of energy ports.
Ready to join us in Scotland?
Companies like Statoil and Masdar are working in Scotland to seize the initiative in floating offshore wind.
Are you ready to join them?
We'll be delighted to talk you through the benefits and opportunities of investing in Scotland's renewable energy industry:
Get in touch