Crown Estate Scotland has chosen Mainstream Renewable Power, an Irish renewable energy provider, and Ocean Winds as the preferred bidder for a 1.8 GW wind farm site offshore from the Shetland Islands.
The selection offers Mainstream Renewable Power and Ocean Winds the opportunity to enter into an option contract for the site, which is expected to be suitable for an offshore wind farm. The offshore wind farm site will be able to power more than two million homes and reduce carbon emissions by three million tonnes annually. The project, which will be developed “on an industrial scale,” will be jointly owned by Mainstream Renewable Power and Ocean Winds. In 2020, EDP Renewables and Engie formed Ocean Winds as a 50/50 joint venture.
In July 2022, Mainstream Renewable Power and investment firm Actis decided to sell Lekela Power, an African renewable energy platform, for around $1.5 billion. Lekela Power would be purchased by Infinity Group and Africa Finance Corporation (AFC), subject to regulatory approvals and customary closing conditions. Lekela is a pure-play independent power producer of renewable energy and was founded in 2015.
REGlobal’s Views: Mainstream Renewable Power and Ocean Winds are also partnering on offshore wind projects in South Korea and Norway. Further, Mainstream Renewable Power and Aker Offshore Wind have recently combined to make a larger renewable energy company with more than 27 GW of portfolio.