Lease Executed

In April 2022, the Floating Energy Allyance – now known as Buchan Offshore Wind – entered into an Option Lease Agreement with Crown Estate Scotland for the NE8 area under the ScotWind leasing round. This agreement follows Crown Estate Scotland’s January 2022 announcement that the consortium had secured the rights to develop a floating offshore wind farm of approximately 1 GW some 75 km northeast of Fraserburgh on the Aberdeenshire coast. The consortium comprises BayWa r.e., Elicio and BW Ideol, combining development, generation and floating foundation expertise. Execution of the Option Lease Agreement represents the formalisation of the seabed rights initially awarded in the ScotWind process, turning a successful bid into a legally binding option over the lease area. BW Ideol’s project page notes this as a significant milestone that enables the consortium to proceed with the environmental studies required for the consent application process. With the lease in place, Buchan Offshore Wind can intensify work on environmental impact assessments, project design refinement and engagement with key stakeholders. The agreement also underpins BW Ideol’s broader role in the project, alongside its strategic port partnership at Ardersier and engineering and technology licence agreements with the consortium. Together, these steps indicate that Buchan Offshore Wind has moved from competitive tender success into the substantive early development phase, preparing the ground for future consent applications and detailed project proposals.