Magnora, Hiraeth Energy to co-develop 700 MW of floating wind

Magnora ASA (OSL:MGN) announced on Wednesday that its joint venture Magnora Offshore Wind AS has agreed heads of terms to work with Welsh renewables developer Hiraeth Energy on potentially developing two floating offshore wind projects of 700 MW in total in the Celtic Sea, bordering Wales.

The move would involve bidding in a leasing process which could see rights awarded in 2023, with projects to be delivered from 2030 onwards. The process will be conducted by the Crown Estate, the manager of the British sovereign's holdings including the seabed around England, Wales and Northern Ireland.

The Crown Estate is aiming to award leases for early-commercial scale projects of between 300 MW and 350 MW as well as for full-commercial scale projects of up to 1 GW. Plans to tender development rights in the Celtic Sea were unveiled in March 2021, with a goal to foster 4 GW of clean energy capacity in England and Wales.

"We are progressing the expansion of our pipeline of offshore wind projects, and act on opportunities with strong, committed and competent partners," Magnora Offshore Wind managing director Kristin Gjertsen said.

Hiraeth Energy said separately that the envisaged partnership with Magnora Offshore Wind, co-owned with TechnipFMC (EPA:FTI), will allow it to develop the Mor Glas and Mor Gwyrdd projects, which will be community-owned at 10%.

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