Lease Executed

In 2024, Crown Estate Scotland entered into an Option Agreement with Flotation Energy and Vårgrønn for the Green Volt INTOG project, marking the formal execution of the project’s seabed leasing arrangements under the Innovation and Targeted Oil and Gas (INTOG) leasing round. This Option Agreement follows earlier progress under INTOG, where in March 2023 Flotation Energy and Vårgrønn were awarded exclusivity to develop up to 1.9 GW of floating offshore wind in Scotland for their Green Volt and Cenos projects. The transition from exclusivity to an executed Option Agreement represents a critical step in converting initial development rights into a more robust, contractually framed route to full lease and project build-out. The Option Agreement sits alongside other key 2024 milestones for Green Volt, including the attainment of Town and Country Planning Consent for onshore transmission assets and Marine Licence and Section 36 consent for generation and transmission assets. Taken together, these decisions confirm that the project has secured both its core planning approvals and a structured pathway to long-term seabed rights with Crown Estate Scotland. This strengthens the project’s overall bankability and underpins its trajectory towards construction and operation as a major commercial-scale floating offshore windfarm developed to support the decarbonisation of offshore oil and gas activities in the North Sea.