Hexicon has sold its stake in Wave Hub, which was developing the TwinHub floating offshore wind project off the coast of Cornwall in the UK.
The Swedish company announced today that it has entered into and completed a Sales and Purchase Agreement (SPA) with a leading global provider of advanced maritime and offshore engineering solutions regarding the divestment.
Hexicon’s CEO Marcus Thor said: “Since early 2024, Hexicon has been focused on divesting the Project to a strategic partner seeking to enter the floating offshore wind sector.
“We are pleased to have identified a new strategic player, which will enable the site to progress and contribute to the global commercialisation of floating offshore wind.”
Under the agreement, Hexicon has divested its entire 100% stake in the Project, including associated assets and liabilities, for a total consideration of GBP 1.
Hexicon acquired Wave Hub Ltd in 2021.
The site was previously permitted for wave power, and over the past few years Hexicon has progressed significant work to re-permit and adapt the site for a floating offshore wind farm.
Hexicon in January announced an impairment on the project following increases in inflationary pressures and supply chain costs.
TwinHub’s contract for difference with the Department for Energy Security and Net Zero (DESNZ) was cancelled earlier this week.
A DESNZ spokesperson told reNEWS: “We are disappointed that TwinHub’s contract has been terminated.
“The Low Carbon Contracts Company manages contracts with developers independently of government and it is for them to determine whether a generator has met its contractual obligations.”
The spokesperson added: “The government continues to back floating offshore wind, with the largest pipeline of projects anywhere in the world.”