Joining forces to deliver the UK’s offshore wind ambitions

Joining forces to deliver the UK’s offshore wind ambitions

Following the results of Round 4 and ScotWind, it is clear that joint ventures will continue to be fundamental to delivering large-scale offshore wind projects.

These joint ventures comprise increasingly diverse members: developers to take the wind farm through early-stage studies, development and consenting; utilities to provide experience of development, construction and operation of the assets as well as providing balance sheets to help fund construction; and financial investors to provide capital in return for the steady yields which these projects will provide over time.

The offshore wind supply chain is also increasingly taking ownership stakes in offshore wind joint ventures in order to access the contracting opportunities from the project as well as future equity returns. The right balance of funding and expertise at all stages of the project lifecycle is necessary to ensure that joint ventures are robust yet flexible enough to deal with the challenges of the 5-10 year development and construction cycle for recent project awards.