Magnora Offshore Wind

What Magnora Offshore Wind does

Magnora Offshore Wind AS is a Norwegian private joint venture between Magnora ASA and TechnipFMC that develops floating offshore wind projects targeting deep-water sites where bottom-fixed foundations are not feasible. Its flagship asset is the Talisk Offshore Wind Project, a ~495 MW floating farm in the ScotWind N3 area approximately 35 km off the Western Isles of Scotland, planned with 33 x 15 MW turbines on concrete or steel floaters at 106-125 m water depths, targeting consent in 2027, FID in 2028, and first power around 2030. The company extends its pipeline through a Heads of Terms partnership with Hiraeth Energy for two Celtic Sea floating projects (~700 MW combined) and, via Magnora ASA, the Project Neptun initiative with Prime Capital and Troms Kraft for green hydrogen, ammonia, and LOHC production in Tromsø, Norway.

The technical platform relies on TechnipFMC's integrated iEPCI delivery model, subsea substations, dynamic interarray cables, mooring systems, and access to a fleet including DP3-class vessels such as Deep Arctic for harsh-environment installation. Revenue is not yet generated; the economics rest on securing development rights through government leasing rounds (Crown Estate Scotland, Crown Estate), progressing projects through consent and to FID, then either selling developed projects to utilities/offtakers or operating them long-term. The business model is project-development-as-a-service with downstream value capture via future project sale, CfD/offtake, or operator-share economics. Customers and counterparties are concentrated among government energy authorities (Crown Estate Scotland, Crown Estate), JV partners (Hiraeth Energy, Prime Capital, Troms Kraft), and local supply chain and port providers (Stornoway Port, Kishorn Port, DNV), with no operating offtake customers yet secured.

Name

Magnora Offshore Wind

Legal name

Magnora Offshore Wind AS

Website

https://magnoraoffshorewind.com

Company type

Private

Operating status

Operating

Headcount range

1–10 employees

Short description

Magnora Offshore Wind is a Norwegian joint venture between Magnora ASA and TechnipFMC developing floating offshore wind projects, led by the 495 MW Talisk project in Scotland and ~700 MW of Celtic Sea projects with Hiraeth Energy.

Ownership category

akta.pro rank

Product category

Offshore Wind Development

NAICS

Wind Electric Power Generation (221115)

akta.pro industry

PRIMARYEUACAFAC

Offshore Wind Power Generation (Floating)

Energy, Utilities & Environment/Electric Power Generation/Wind Power Generation (Onshore & Offshore)

SECONDARYEUACAFAE

Wind Farm Development & Permitting (Greenfield/Brownfield)

Energy, Utilities & Environment/Electric Power Generation/Wind Power Generation (Onshore & Offshore)

SECONDARYEUAMACAB

Offshore Wind Project Development & Leasing

Energy, Utilities & Environment/Renewable Energy (Solar, Wind, Hydro & Geothermal)/Wind Energy (Onshore & Offshore)

SECONDARYEUAMACAE

Offshore Wind Substructures & Marine Engineering (Monopiles, Jackets, Floating)

Energy, Utilities & Environment/Renewable Energy (Solar, Wind, Hydro & Geothermal)/Wind Energy (Onshore & Offshore)

Keywords

• Floating offshore wind
• Offshore wind development
• Renewable energy projects
• Wind farm development
• EPCI services

Headquarters

HQ city

Oslo

HQ country

Norway

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Supply Chain, Infrastructure, Marketing or Sales

Revenue model

1. Offshore Wind Project Development: Developing offshore wind farms through leasing rounds (ScotWind) and selling or operating completed projects. Revenue generated through project development, consenting, and eventual sale or long-term operation of wind farms.
2. EPC Contract Strategy: The company secures key EPC contractors for main work packages (turbine, floaters, mooring system, electrical system, installation). Supply chain opportunities are created through EPC suppliers, generating revenue from project development and integration services.
3. Technology and Licensing (via TechnipFMC): Through partnership with TechnipFMC, revenue is generated from EPCI project execution, providing offshore installation capabilities, manufacturing capacity for core components, and integrated project delivery services.

Go-to-market motion3 records

Distribution channels3 records

Marketing channels5 records

Core offering

Magnora Offshore Wind develops floating offshore wind projects from early-stage through consenting and construction, with its flagship 495 MW Talisk Offshore Wind Project in ScotWind N3 (Scotland), ~700 MW of Celtic Sea projects partnered with Hiraeth Energy, and Project Neptun green hydrogen/ammonia facility in Tromsø, Norway. The company generates revenue through project development, consenting, EPC contractor engagement, and the eventual sale or operation of wind farms, leveraging TechnipFMC's iEPCI integrated project delivery model and offshore execution capabilities.

Product overview

Magnora Offshore Wind is a joint venture between Magnora ASA and TechnipFMC developing floating offshore wind projects. The core product is the Talisk Offshore Wind Project (495 MW in ScotWind N3 area), complemented by the Project Neptun hydrogen initiative in Tromsø and Celtic Sea projects (~700 MW partnership with Hiraeth Energy). The company offers EPCI services through TechnipFMC, cost reduction technologies for floating offshore wind (subsea substations, dynamic cables, mooring systems), and Power-to-X solutions coupling wind with hydrogen production.

Differentiator

Problem solved

Functional benefit

Products and services

• Talisk Offshore Wind Project Flagship 495 MW floating offshore wind farm project located in the ScotWind N3 area, north-western Scotland, with 33 x 15MW turbines using concrete or steel floaters, situated approximately 35 km offshore from the Western Isles. Estimated annual energy production of 2.4 TWh, with a 56% capacity factor and 103 km² development area.
• Celtic Sea Floating Offshore Wind Projects Two floating offshore wind projects developed in partnership with Hiraeth Energy in the Celtic Sea region (England/Wales) with approximately 700 MW combined capacity, focused on utility-scale renewable energy with strong local commitment and community engagement.
• Project Neptun - Hydrogen in Tromsø Green maritime fuel production facility collaboration with Prime Capital and Troms Kraft for large-scale green hydrogen production in Tromsø, Norway, processed into green ammonia (NH3) and/or liquid organic hydrogen carriers (LOHC) for maritime fuel production, utilizing power surplus in Norwegian price area NO4.
• EPCI Services Engineering, Procurement, Construction, and Installation services delivered through TechnipFMC partnership using the iEPCI integrated project delivery model for offshore wind project execution, managing the complete work scope from full field architecture design through operation and maintenance.

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Seven partnerships are on record, tiered core and supporting.

• Hiraeth Energy LLPcoreStrategic or Co-development Partner · 25 January 2022Magnora Offshore Wind agreed Heads of Terms (HoT) with Hiraeth Energy for cooperation on two floating offshore wind projects in the Celtic Sea with total capacity approximately 700 MW. Hiraeth Energy is a Welsh project developer focused on utility-scale renewable energy projects in Wales. The collaboration represents a progressive approach to offshore wind development with strong local commitment and community engagement.
• TechnipFMCcoreStrategic or Co-development Partner · 17 January 2022Magnora Offshore Wind is a partnership between Magnora and TechnipFMC. TechnipFMC provides unique technologies, EPCI project execution capabilities, and significant fleet of installation vessels for offshore wind. The partnership combines Magnora's renewable project development expertise with TechnipFMC's 40+ years of offshore energy experience including subsea architecture, manufacturing capacity, and integrated iEPCI project delivery.
• DNVsupportingStrategic or Co-development PartnerDNV serves as knowledge partner for the Talisk project within wind assessment, Environmental Impact Assessment (EIA), and technical aspects. DNV supports the ScotWind N3 application with expertise in wind resource assessment and technical analysis.
• Stornoway Port AuthoritysupportingStrategic or Co-development PartnerLocal harbour partner for Talisk project, providing port infrastructure support for development, construction, and operations phases. Stornoway Port Authority committed support for the ScotWind N3 application as an experienced provider.
• Kishorn PortsupportingStrategic or Co-development PartnerLocal harbour partner for Talisk project with yard facilities for potential fabrication and assembly activities. Kishorn Port committed support for the ScotWind N3 application as an experienced provider.
• Prime CapitalsupportingStrategic or Co-development PartnerThrough Magnora ASA, Magnora Offshore Wind has a collaboration with Prime Capital for developing green maritime fuel production facility in Tromsø, Norway (Project Neptun). Prime Capital brings investment and development expertise for hydrogen and ammonia production projects.
• Troms KraftsupportingStrategic or Co-development PartnerCollaboration with Prime Capital and Troms Kraft for Project Neptun - green maritime fuel production facility in Tromsø, Norway. The project involves large-scale production of green hydrogen, ammonia (NH3), and/or liquid organic hydrogen carriers (LOHC) utilizing power surplus in Norwegian price area NO4.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Copenhagen Infrastructure Partners (CIP): Fund manager developing utility-scale offshore wind including floating projects (e.g., Floating Wind Scotland). Comparable as a developer of multi-GW offshore wind pipelines with similar Scottish and Celtic Sea exposure.
• Masdar: UAE-based renewable energy developer investing in offshore wind globally including floating wind. Comparable as a deep-pocketed strategic investor developing utility-scale offshore wind pipelines, though with a much broader renewables portfolio.
• Equinor: Norwegian major and pioneer of floating offshore wind via Hywind Scotland and Hywind Tampen. Comparable as a large incumbent using deep-water offshore expertise and Norwegian engineering heritage to compete in floating wind, though at vastly greater scale and capital base.

Direct peers

• Flotation Energy: UK-based developer focused on floating offshore wind projects in Scotland and the Celtic Sea, including the Whitecross and Green Volt projects. Directly comparable as a similarly sized floating wind developer competing in the same UK leasing rounds.
• Ocean Winds: Joint venture between EDP Renewables and ENGIE focused on offshore wind including floating wind in the UK (Moray West), France, and the US. Comparable as a dedicated offshore wind developer with similar JV structure and project development approach.
• BlueFloat Energy: Floating offshore wind developer with projects in the Celtic Sea and Scotland (e.g., Campion Wind). Comparable as a focused floating wind specialist targeting the same UK lease areas and similar early-stage development milestones.
• Hexicon AB: Sweden-based floating offshore wind developer with TwinWind and other floating concepts. Comparable as a small-cap European floating wind project developer using novel floater designs and pursuing multi-MW demonstration projects.
• BW Ideol: Floating offshore wind technology company offering the damping pool floater, with projects in France, Scotland, and Japan. Comparable as a pure-play floating wind developer pursuing multi-site project portfolios in Europe.
• Principle Power: Developer of the WindFloat semi-submersible floating foundation with utility-scale projects in Portugal (WindFloat Atlantic) and Scotland. Comparable as a deep-water floating wind technology specialist underpinning many of Magnora's competing projects.

Emerging players

• Simply Blue Group: Irish floating offshore wind developer with projects including Western Star in Scotland. Comparable as a small, focused floating wind developer pursuing similar UK and Irish lease areas at comparable early stage.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights5 records

Customer concentration

• LinkedInlinkedin.com/company/magnora-offshore-wind

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Magnora Offshore Wind