Wind Energy – Scotland
The joint venture partners of the West of Orkney Windfarm – Corio Generation, TotalEnergies and RIDG – have now signed their option to lease agreement with Crown Estate Scotland.
It is the first such agreement signed by Corio Generation since the offshore wind business became operational on 1 April 2022.
Created by Macquarie’s Green Investment Group, Corio is already one of the world’s largest specialist offshore wind developers with 15 GW of projects in its global portfolio.
The West of Orkney Windfarm joint venture partners successfully secured rights to develop the 2 GW project in the ScotWind leasing round, which was announced in January 2022.
Mark Giulianotti, Head of Corporate Finance and Origination, Europe, at Corio Generation, commented: “The signing of this option to lease is an important milestone for Corio Generation, marking the first project agreement we have signed since our establishment on 1 April. The West of Orkney Windfarm will generate hundreds of green jobs and support the wider Scottish economy. It is exactly the kind of project Corio was set up to deliver.”
The windfarm, which aims to start producing renewable power by 2030, represents potentially more than £4 billion of investment.
As part of this development, the partners will unlock around £140m to support the development of the local supply chain, including the enhancement of ports and harbour infrastructure in Orkney and Caithness. This will ensure high levels of local content and actively promote employment and innovation in the region.
The consortium has already undertaken extensive site investigations, especially in relation to the environment, to ensure that the project fully meets its sustainable development objectives.
The consortium has also finalised a grid connection agreement with National Grid.
Once built, the windfarm could also deliver renewable power to the Flotta Hydrogen Hub, a proposed large-scale green hydrogen production facility in Orkney.