Stockholm-based floating offshore wind developer Hexicon has struck a deal with local authorities to acquire the Wave Hub offshore renewable energy test site in Cornwall.
The deal is expected to complete at the end of May through Hexicon’s UK subsidiary TwinHub. Financial details have not been made public.
The acquisition does not include Wave Hub Development Services. Cornwall Council will retain this as a wholly-owned business, to provide support to the TwinHub project and other Celtic Sea deployments.
The Wave Hub site lies 16 km north of St Ives and Carbis Bay, and Hexicon intends to develop the site for a 30-40 MW twin-turbine floating offshore wind project, expected to deliver power by 2025.
Hexicon will be working with Bechtel, a pioneer in engineering, construction, and project management.
“Hexicon has been active in UK floating wind market since 2014 and sees the acquisition of Wave Hub and the deployment of our twin turbine technology in the Celtic Sea as an essential stepping stone to fulfilling our long term ambition of developing utility scale floating wind projects capable of delivery long term consistent and secure renewable energy at the lowest possible levelised cost of energy,” said Marcus Thor Hexicon chief executive.