BlueFloat owner Quantum Capital Group is in advanced negotiations to sell stakes in 10 offshore wind projects owned by the Spain-based floating offshore wind developer.
The US private equity company is in discussions with Nadara to offload shareholdings in assets in the UK and Italy, according to Spanish newspaper El Economista.
BlueFloat is involved in five Scottish projects. The 1.2GW Bellrock, 900MW Broadshore, 99.5MW Scaraben, and the 99.5MW Sinclair wind farms are all co-owned with Nadara, while the 1.5GW Stromar is a three-way partnership with Nadar and Orsted.
BlueFloat and Nadara co-own six projects in Italy with a combined capacity of 4.46GW.
Quantum has been searching for a buyer BlueFloat since last year, but pulled the plug on the sale after failing to attract a suitable buyer.
The previous sale attempt was an effort to sell off BlueFloat as a whole, while the current negotiations involve selling off the wind farm assets in different geographies piecemeal.
El Economista reports it has decided to shut down the Spanish developer. BlueFloat and Quantum did not respond to requests for comment while Nadara declined to comment.
Quantum is also working on the divestment of BlueFloat assets in Spain, the Philippines, and Taiwan, the newspaper reported.
The latter has meanwhile scrapped plans for a 2.1GW offshore project off the coast of Australia, according to Australian media.
“Following a strategic review of current and anticipated global offshore wind market conditions, BlueFloat Energy’s ultimate shareholder Quantum Capital Group has determined that continuing to fund offshore wind developments is no longer commercially viable in the short and medium term,” BlueFloat told Aussie press.