Great British Energy, the National Wealth Fund and the Scottish National Investment Bank have secured minority stakes in CIP’s proposed 100MW Pentland floating wind farm off Scotland.
The new shareholders will each have the option to invest up to £50m in the fully consented six-turbine project as it progresses through development and construction milestones.
The test and demonstration scheme is eligible for this year’s Allocation Round 7 and has a grid connection to go online from the end of October 2027.
Great British Energy said its first ever equity investment in offshore wind demonstrated how public institutions can collaborate to support early-stage technologies and support the UK government’s growth and clean energy missions.
It also signals confidence in the UK’s nascent floating wind sector and will encourage engineering firms to pivot from oil and gas, added the public body.
Dan McGrail, chief executive of Great British Energy, said: “This is just the beginning of our investment strategy and will help bring good, skilled jobs to the Scottish Highlands.
“I am pleased to work with the National Wealth Fund, The Scottish National Investment Bank and the Copenhagen Infrastructure Partners on this project – this sets out our aspiration to become the UK government’s energy developer.
“It also reflects GBE’s ambition, capability, and commitment to making the UK a clean energy superpower.”
Energy minister Michael Shanks said: “Great British Energy is owned by the British people and on a mission to take back control of our energy to protect households across the country, harness our abundant natural resources and deliver energy security and jobs.
“Floating offshore wind is a huge opportunity for the UK, and this first stake in a project by Great British Energy helps put us at the forefront of this cutting-edge technology.”
He added: “We said GBE would build up supply chains, create jobs and drive investment to all parts of the UK – especially in Scotland and this investment shows our publicly owned energy champion is getting on with the job.”
Nischal Agarwal, partner at Copenhagen Infrastructure Partners, said: “CIP is committed to playing a full role in helping to deliver the UK Government’s Clean Power 2030 vision, and we are delighted to welcome NWF, GBE and the Bank as new partners to our Pentland project.
“Floating wind holds significant potential to innovate, reduce its technology costs, and establish a world leading UK supply chain capable of enabling scale-able low carbon power generation to meet future growth in electricity demand.”