Green Volt

Name

Green Volt

Legal name

Green Volt Offshore Windfarm Ltd

Website

https://greenvoltoffshorewind.com

Company type

Private

Founded year

2019

Operating status

Operating

Ownership category

akta.pro rank

Product category

Floating Offshore Wind Energy

NAICS

Wind Electric Power Generation (221115)

akta.pro primary industry

Offshore Wind Power Generation (Floating) (EUACAFAC)

akta.pro secondary industries

Wind Farm Ownership & Operations (IPP/Utility-Owned Asset Operations) (EUACAFAF), Offshore Wind Substructures & Marine Engineering (Monopiles, Jackets, Floating) (EUAMACAE), Advanced Wind Technology R&D (Floating Offshore, Airborne Wind, New Rotor/Blade Concepts) (EUAMAOAB)

Keywords

• Floating offshore wind
• Offshore wind energy
• Renewable power generation
• Oil and gas electrification
• Grid-scale wind power

Headquarters

HQ city

Edinburgh

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Technology or R&D, Supply Chain, Others

Revenue model

1. Contract for Difference (CfD) Revenue: Green Volt secured a CfD for 400 MW from UK Government in September 2024 as part of Allocation Round 6 (AR6). The CfD provides a guaranteed strike price for the electricity generated, protecting against wholesale price volatility and providing revenue certainty for the project.
2. Renewable Power Sales to UK Grid: The majority of renewable electricity generated (1.5 TWh annually) flows to the UK national grid, providing clean power to consumers and industry. Surplus electricity beyond oil and gas platform needs is exported back to the National Grid.
3. Oil and Gas Platform Electrification Services: Direct supply of renewable electricity to North Sea oil and gas platforms, facilitating the retirement of existing offshore gas-fired power generators. This enables platforms to reduce carbon emissions by over 80% while maintaining operations.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels6 records

Core offering

Green Volt Offshore Windfarm Ltd is developing a 560 MW floating offshore windfarm approximately 80km off the East Coast of Scotland near Peterhead, comprising up to 35 floating wind turbines anchored by mooring lines in 90-100m water depths. The project will generate approximately 1.5 TWh of renewable electricity annually for the UK national grid while directly electrifying participating North Sea oil and gas platforms to enable retirement of their gas-fired/diesel power generators and reduce platform carbon emissions by over 80%. First power is targeted for 2029, supported by a UK Government Contract for Difference for 400 MW awarded in September 2024 (AR6).

Product overview

Green Volt is a single flagship infrastructure project: the world's largest commercial-scale floating offshore windfarm (up to 560 MW capacity), located 80km off the East Coast of Scotland near Peterhead. The project is delivered by joint venture partners Flotation Energy and Vårgrønn under Crown Estate Scotland's INTOG (Innovation and Targeted Oil and Gas) leasing round. The project has secured all major consents and a Contracts for Difference (CfD) award, with first power targeted for 2029. It is not a software platform or multi-module product portfolio.

Differentiator

Problem solved

Functional benefit

Products and services

• Green Volt Floating Offshore Windfarm The world's largest commercial-scale floating offshore windfarm with up to 560 MW nominal capacity, located 80km off the East Coast of Scotland near Peterhead. Designed to generate 1.5 TWh of renewable electricity annually and save one million tonnes of CO2 each year. Generates power via floating wind turbines mounted on substructures held in position by mooring lines in 90-100m water depths, with electricity delivered via submarine cable to Peterhead landfall and onshore cable to a New Deer substation.
• North Sea Oil and Gas Platform Electrification Service Direct electrification service supplying renewable electricity from the Green Volt floating windfarm to participating North Sea oil and gas platforms via dedicated connections. The service enables operators to retire on-platform gas-fired or diesel power generators and reduce platform carbon emissions by over 80%, supporting the North Sea Transition Deal goal of reducing oil and gas asset emissions by up to 50% by 2030.
• Renewable Power Sales to UK National Grid Sale of renewable electricity to the UK national grid for onward supply to UK consumers and industry. Revenue is secured through a UK Government Contract for Difference (CfD) awarded in September 2024 (AR6) for 400 MW of capacity, providing a guaranteed strike price and protection against wholesale price volatility. Surplus electricity beyond oil and gas platform needs is exported to the National Grid.

Quantifiable outcome

• 1.5 TWh renewable power generated annually for UK grid
• +5 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Nine partnerships are on record, tiered moderate, core and minor.

• Peterhead Developers' ForummoderateStrategic or Co-development Partner · 1 January 2023Forum established in January 2023 (brought together by the Salamander project) bringing together developers with projects connecting to the Peterhead area, including offshore wind projects from INTOG and ScotWind leasing rounds, transmission projects, and wider energy infrastructure developments. Green Volt actively participates and has taken a leadership role in moving the forum towards practical collaboration. Monthly meetings held to coordinate development, share information, reduce disruption, and expedite clean energy project delivery.
• Flotation EnergycoreStrategic or Co-development PartnerJoint venture partner and project co-developer. Flotation Energy, headquartered in Edinburgh, Scotland, identified the project opportunity and developed the initial concept. The company has a 13 GW global portfolio covering both fixed and floating offshore wind developments across UK, Ireland, Taiwan, Japan, and Australia. Flotation Energy develops projects independently and also recognizes strategic value in partnerships to deliver proven, cost-effective solutions.
• VårgrønncoreStrategic or Co-development PartnerJoint venture partner and project co-developer. Vårgrønn is a Norwegian offshore wind company, a joint venture between Plenitude (Eni-controlled company) and Norwegian energy investor HitecVision. The company is dedicated to developing, constructing, operating, and owning offshore wind projects. Vårgrønn's portfolio includes Dogger Bank (world's largest offshore wind farm under construction), Baltic 2 (operational), and Green Volt. Active in England, Scotland, Germany, Norway, and early-stage initiatives in the Baltics.
• Crown Estate ScotlandcoreStrategic or Co-development PartnerCrown Estate Scotland leads the INTOG (Innovation and Targeted Oil and Gas) leasing round and has entered into an Option Agreement with Flotation Energy and Vårgrønn for the Green Volt INTOG project. The agreement provides seabed rights for the 560 MW floating offshore wind project. INTOG is designed to support offshore wind projects aimed at reducing carbon emissions from oil and gas production and promoting innovation.
• OWC (Offshore Wind Consultants)minorImplementation/ SI/ Consulting PartnerGreen Volt offshore windfarm awarded cable engineering role to OWC. OWC provides engineering consultancy services for offshore wind projects, supporting the detailed design and development of cable infrastructure.
• Peterhead Area Community Trust (PACT)moderateStrategic or Co-development PartnerCommunity partnership working on local enhancement projects including Victoria Community Park improvements in Peterhead. The project has supported PACT with initiatives including installing talking bins, regular weeding, organizing litter picking, and landscaping painted stones. Marks opportunity for stakeholders to come together to consider how the local area could be enhanced as the project transmission cable makes landfall at Peterhead.
• Gavia EnvironmentalminorImplementation/ SI/ Consulting PartnerSpecialist environmental consultancy conducting ecological surveys along the proposed onshore cable corridor near Peterhead. Surveys focus on identifying and protecting local wildlife habitats, including water vole surveys and biodiversity assessments. Survey information informs the development of Species Protection Plans.
• CundallminorImplementation/ SI/ Consulting PartnerEngineering consultancy supporting geological investigations along the onshore cable route. Principal Geotechnical Engineer David Simpson provided technical expertise in analyzing metamorphic rock formations in the Grampian Oregeny region along the cable corridor.
• Marine Scotland / Scottish Government Marine DirectoratecoreOthersRegulatory authority providing consent for offshore infrastructure under the Electricity Act 1989 and Marine and Coastal Access Act 2009. Granted Marine Licence and Section 36 Consent for generation and transmission assets in April 2024. Ongoing regulatory oversight for environmental compliance.

Scale indicators10 records

Recent moves7 records

Expansion highlights5 records

Others

• Aker Solutions: Norwegian engineering and offshore services firm with deep exposure to floating offshore wind substructures, mooring systems, and installation. Comparable to Green Volt as a North Sea supply chain participant supporting floating wind at commercial scale, including through its sister company Aker BP's oil & gas platform assets.

Direct peers

• Equinor: Norwegian energy major and operator of Hywind Scotland (world's first commercial floating windfarm) and Hywind Tampen (world's largest floating wind project at commissioning). Directly comparable to Green Volt as a North Sea-focused floating offshore wind developer with oil & gas platform electrification experience.
• EDF Renewables: Developer and operator of Provence Grand Large, a floating offshore wind pilot off France using BW Ideol technology. Directly comparable to Green Volt as a European utility-backed floating offshore wind developer targeting commercial scale.
• Ocean Winds: Joint venture between EDP and ENGIE dedicated to offshore wind, and operator of the WindFloat Atlantic floating wind project off Portugal. Directly comparable to Green Volt as a purpose-built offshore wind developer with active floating wind deployments and a global development pipeline.
• Cobra Group (including Pilot Offshore): Spanish infrastructure group whose subsidiary developed and operates the Kincardine Floating Offshore Wind Farm in Scotland, one of the world's largest floating wind arrays. Directly comparable to Green Volt as a Scotland-based floating offshore wind developer at commercial scale.

Emerging players

• Principle Power: US-headquartered floating wind substructure technology provider behind the WindFloat platform, used in WindFloat Atlantic and other projects. Comparable to Green Volt as an enabler of commercial-scale floating wind, with overlap on the technology and supply chain side rather than direct competition.
• Hexicon: Swedish floating offshore wind developer with TwinWind multi-turbine floating platform projects, including sites in Scotland. Comparable to Green Volt as an emerging floating wind developer pursuing commercial-scale projects in similar UK waters.
• BW Ideol: French floating wind specialist with its proprietary damping pool substructure, partnered with EDF on Provence Grand Large and active in Scotland. Comparable to Green Volt as a floating wind technology provider focused on commercial-scale deep-water deployment.

Broad incumbents

• RWE Renewables: One of the world's largest offshore wind developers with operational and pipeline projects in the UK North Sea and beyond. Comparable to Green Volt as a broad incumbent in the offshore wind space with growing floating wind ambitions.
• Iberdrola (Avangrid / Scottish Power Renewables): Global renewables leader with offshore wind farms (East Anglia, Vineyard Wind) and a floating wind pipeline including the planned Deepwind cluster in Scotland. Comparable to Green Volt as a broad incumbent active in both fixed-bottom and floating offshore wind in the UK.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 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 Green Volt