Welsh renewable energy developer Hiraeth Energy, which Venn Associates co-founded, today announced that it has agreed Heads of Terms with Magnora Offshore Wind to co-develop floating offshore wind projects in the Celtic Sea.
Hiraeth Energy is focused on delivering clean energy at scale, with an emphasis on maximising the benefits of its projects to Wales whilst ensuring environmental sustainability. This collaboration with Magnora Offshore Wind will enable the partners to proceed with developing two floating wind projects in the Celtic Sea, Môr Glas and Môr Gwyrdd, with up to 700MW total installed capacity.
Magnora Offshore Wind is a partnership between Magnora and TechnipFMC, combining Magnora’s extensive renewable and offshore project development expertise with TechnipFMC’s comprehensive experience of executing large integrated offshore projects and delivering industry leading technologies.
Together the partners believe that they present a progressive approach to the development of offshore wind projects, which will have a more beneficial impact on coastal communities and for Wales generally. The partnership is committed to enabling a proportion of community ownership in its projects and has ring-fenced 10% of the Môr Glas and Môr Gwyrdd projects for this purpose. This commitment to local ownership is believed to be unrivalled within the offshore renewables sector in the UK.
Joseph Kidd, Partner at Hiraeth Energy, said:
“The climate and nature emergencies demand urgent action from governments, regulators, developers and investors. This investment from Magnora, a leading clean energy specialist, will help Wales in its ambition to create a zero-carbon economy, whilst clearly demonstrating the benefits of local ownership for the people of Wales. We will develop our projects according to best practice in sustainability, and we will work closely with stakeholders to ensure that we maximise the benefits of our projects for nature and to the people of Wales.”
Kristin Gjertsen, Managing Director of Magnora Offshore Wind said:
“We are progressing the expansion of our pipeline of offshore wind projects, and act on opportunities with strong, committed and competent partners. Together with Hiraeth Energy we believe that we represent a progressive approach to the development of offshore wind projects, creating long-term value in all project phases.”
Jess Hooper of Marine Energy Wales, said:
“The potential for floating wind development in the Celtic Sea is huge and is attracting interest from developers around the world. Marine Energy Wales is delighted that the partnership between Hiraeth Energy and Magnore Offshore Wind has such a strong focus on maximising the benefits to Wales, and commitment to enabling community ownership in its project.”