Magnora targets ScotWind, Norway with floating wind tie-up

Norway-based Magnora has entered into a partnership with an undisclosed company to establish a joint floating wind player called Magnora Floating Wind, which already started working on the application for the ScotWind round in Scotland.

The newly established company also plans to participate in the first offshore wind application round in Norway this year, and will consider entering new markets in the coming months.

Magnora said that its strategic partner, which will soon be revealed, is a global offshore energy technology and service company with vast experience in all basins, water depths and weather conditions. It has broad experience from unique technology, local procurement and content, mass fabrication, project management, construction and installation processes. In addition, it is amongst the most experienced companies within hydrogen, E&P and floating wind market, according to Magnora.

The companies are already cooperating on several R&D initiatives to bring down lifecycle costs for floating wind.

“Our joint capabilities will enable Magnora Floating Wind to become a leading player within the floating wind market. In addition, we believe the collaboration will be instrumental in bringing down the capital expenditure, increasing the revenue potential, and lowering the operating cost for floating wind going forward”, said Executive Chairman Torstein Sanness.

Along with the identity of its strategic partner, Magnora will also soon provide more information about the joint company and its ongoing initiatives.

Last year, Magnora took ownership in the offshore wind development project company Kustvind in Sweden to accelerate growth plans and the development of the 500 MW Sydkustens Vind offshore wind project in southern Sweden.