Scotland's Floating Wind Future Gets a Solo Pilot

Fred. Olsen Seawind buys out Vattenfall to take 100% of Muir Mhòr, Scotland's 1 GW floating wind project

30 Apr 2026

Fred. Olsen Seawind has agreed to buy Vattenfall's 50% stake in the Muir Mhòr floating offshore wind project, taking full ownership of the 1 GW development located 63 kilometres off the Aberdeenshire coast near Peterhead. The deal, announced on 22 April 2026, will be executed as a share sale and remains subject to approval from Crown Estate Scotland.

Muir Mhòr was awarded seabed rights during the 2022 ScotWind leasing round, one of the largest offshore wind licensing exercises in Scottish history. The project secured onshore planning consent in 2025 and is awaiting offshore consent before construction can proceed. Operations are targeted for the early 2030s.

Vattenfall's exit reflects a broader capital reallocation toward offshore projects in Germany and the Netherlands, which carry shorter development timelines. Both parties confirmed the change in ownership will not affect the project's schedule.

Fred. Olsen Seawind, an indirect subsidiary of Norwegian group Bonheur, has operated in Scotland's renewable energy sector for more than three decades. The company intends to advance Muir Mhòr through its remaining consents and into an early Contract for Difference allocation round, the subsidy mechanism through which offshore wind projects secure long-term revenue guarantees necessary for commercial viability.

Scotland has allocated more than 23 GW of floating offshore wind capacity through its ScotWind and INTOG leasing rounds, though the gap between allocation and operational capacity remains wide. Converting that pipeline into generating assets will depend on developers securing consolidated ownership structures, financing, and grid access, each of which presents its own set of delays. Muir Mhòr's ownership transition resolves at least one of those conditions.