Swedish company Hexicon has completed the acquisition of the Wave Hub renewable energy test site in Cornwall in south west England, paving the way for the former’s first deployment of its Twinwind floating foundation technology in UK waters by 2025.
The deal, first announced in May, sees Hexicon through its UK subsidiary, TwinHub Limited, acquire the existing assets of Wave Hub from Cornwall Council.
This includes a 30MW grid-connection ( expandable to 40MW), a four-way seabed hub 16km offshore and four array cables, an onshore substation and related land, a consent over eight square kilometres of sea, and a 25-year seabed lease option from The Crown Estate.
TwinHub intends to develop the site for a 30-40MW floating offshore wind project and deploy its twin-turbine floating foundation.
Hexicon has partnered with Bechtel to deliver the scheme.
Hexicon chief executive Marcus Thor said: “TwinHub’s acquisition of Wave Hub is fully in line with Hexicon’s long term ambition of developing large scale floating wind projects capable of delivering consistent and secure renewable energy at the lowest possible cost.
“We look forward to supporting Cornwall’s aspirations to become a base for floating offshore wind projects in the Celtic Sea.”
Cornwall Council offshore renewable energy company Celtic Sea Power chair and interim chief executive Steve Jermy said: “This deal brings a major international inward investor to Cornwall and is the first step in our ambition to bring commercial-scale offshore floating wind energy to the Celtic Sea.
“We very much look forward to working with Hexicon to capture the significant economic and environmental benefits of this project for Cornwall and the UK.”
Hexicon was advised by Green Giraffe, Eversheds Sutherland and PKF Francis Clark.