Hexicon completes Wave Hub acquisition

Hexicon, the Swedish floating wind developer, has acquired the Wave Hub test site in Cornwall, UK. The deal, first announced in May 2021, is a key step in plans to install a floating demonstrator project in the Celtic Sea by 2025.

Acting through its UK subsidiary TwinHub Limited, Hexicon has acquired the assets of Wave Hub Limited from local authority Cornwall Council, for £2.4 million.

On the site, TwinHub plans to install a 30-40 MW floating wind demonstrator project, representing an investment in excess of £100 million. The project will deploy Hexicon’s twin-turbine floating foundation, and is working with Bechtel to deliver the scheme.

We are delighted that TwinHub has acquired the Wave Hub assets to deploy its groundbreaking floating wind technology”, said Stephen Rushworth, Portfolio Holder for Economy at Cornwall Conucil, said. “We want Cornwall to be a leader in the green industrial revolution and this deal puts us at the heart of the floating offshore wind revolution.”

Celtic Sea Power, an offshore renewable energy company owned by Cornwall Council, managed the deal. It was advised by KPMG and Burges Salmon. Celtic Sea Power’s Chair and Interim Chief Executive Steve Jermy said: “This deal brings a major international inward investor to Cornwall and is the first step in our ambition to bring commercial-scale offshore floating wind energy to the Celtic Sea. We very much look forward to working with Hexicon to capture the significant economic and environmental benefits of this project for Cornwall and the UK.

According to Celtic Sea Power, the energy resource in the Celtic Sea is enough to meet over 70% of the UK’s energy needs. 3 GW installed capacity would be sufficient to create over 1,500 primary jobs an generate an additional £900 million GVA for the local economy. The export market for floating wind could be worth £3 billion by 2030.

In July, the Crown Estate announced that it had approved three floating wind test and demonstrator projects in the Celtic Sea, representing a total capacity of 300 MW. These projects are still subject to Habitates Regulation Assessments. Hexicon suggests that the sale of Wave Hub, combined with these three projects’ progress, establishes the Celtic Sea as “a key region for floating offshore wind development, [representing] key steps towards the UK Government’s ambition to deliver 1 GW of floating wind by 2030.”

Marcus Thor, Hexicon’s Chief Executive, said: “TwinHub’s acquisition of Wave Hub is fully in line with Hexicon’s long term ambition of developing large scale floating wind projects capable of delivering consistent and secure renewable energy at the lowest possible cost. We look forward to supporting Cornwall’s aspirations to become a base for floating offshore wind projects in the Celtic Sea.

To view projects on 4C Offshore's interactive map, click here.