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Press release – April 4, 2024

Leading offshore wind developers Flotation Energy and Vårgrønn, a joint venture between Plenitude (Eni) and HitecVision, have announced that their floating offshore wind project, Green Volt has been granted full onshore planning approval. This marks a significant milestone in the development of the most progressed commercial-scale floating wind farm in Europe. Green Volt is 50% owned by Flotation Energy and 50% by Vårgrønn.

When completed, Green Volt will provide up to 560 MW of renewable energy capacity. The project will deliver electricity to oil and gas platforms, replacing power currently generated by gas and diesel turbines. Green Volt will also provide electricity to the UK grid.

Green Volt is a highly ambitious project, designed for rapid deployment to provide significant support to the North Sea Transition Deal’s ambitions to cut offshore emissions by 2030.

We are delighted to have reached the critical milestone of onshore consent and grateful to Aberdeenshire Council and other community members for engaging with and supporting our pioneering Green Volt project.”

Alex QuayleProject Director at Flotation Energy

As part of the North Sea Transition Deal, oil and gas operators have agreed to deliver 50% reduction in offshore greenhouse gas emissions by 2030. A new emission reduction plan published by North Sea Transition Authority in March 2024 places electrification of offshore platforms at the centre of emissions reductions.

We are thrilled to achieve this important milestone in the development of our Green Volt project. By being execution-ready, Green Volt is uniquely positioned to kickstart a local supply chain for floating offshore wind in the UK and Europe. The opportunity for suppliers to get a first-mover advantage in a rapidly growing global market is now.

Chris HillUK Managing Director at Vårgrønn

The global floating offshore wind market is expected to reach 300 GW, in the next 30 years.[1] Green Volt incorporates local content evaluation as a key part of its procurement evaluation criteria, maximising opportunities for suppliers in Scotland and the wider UK.

As Green Volt moves forward with its development, the project remains committed to engaging with on and offshore stakeholders, upholding rigorous environmental stewardship practices.

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