Fred. Olsen Seawind Limited (offshore wind developer) has agreed to acquire Vattenfall's (Power Company) 50% ownership stake in the Muir Mhòr floating offshore wind farm project, giving the company full control of one of the world's first commercial-scale floating offshore wind developments. The transaction, announced on April 22, 2026, remains subject to regulatory approvals.

A Commercial-Scale Floating Wind Milestone

Muir Mhòr was awarded seabed rights in 2022 as part of the ScotWind leasing round, a major competitive process to allocate offshore wind development rights in Scottish waters.

The project is located off the Aberdeenshire coast, approximately 63 kilometers from the port of Peterhead, and is described by Fred. Olsen Seawind is one of the world's first commercial-scale floating offshore wind projects.

The technology distinction matters. Floating offshore wind differs from conventional fixed-bottom offshore wind in that turbines are mounted on floating structures anchored to the seabed rather than fixed directly into it.

This allows development in deeper waters that would otherwise be inaccessible, opening up significant new areas of the ocean for renewable energy generation. Commercial-scale projects at this technology level remain rare globally, making Muir Mhòr a significant marker in the sector's development.

Fred. Olsen Seawind is an indirect wholly owned subsidiary of Bonheur ASA, the Norwegian conglomerate with a broad portfolio of maritime and energy interests.

Project Timeline and Regulatory Progress

According to Fred. Olsen Seawind, Muir Mhòr is targeting an early allocation round and is on track to begin generating clean, renewable power in the early 2030s.

The company stated that the project is progressing toward securing offshore consent and an accelerated grid connection date, with work ongoing alongside the Scottish Government and the National Energy System Operator, known as NESO.

The project is incorporated as a company structure, and the transaction involves Fred. Olsen Seawind is taking over Vattenfall's existing 50% shareholding in that incorporated entity.

Completion of the deal is contingent on receiving the necessary regulatory clearances, though no specific timeline for those approvals was provided in the announcement.

Fred. Olsen's Long Scottish History

Chief executive Maren S. Lundby used the announcement to situate Muir Mhòr within a much longer history of Fred. Olsen-related activity in Scotland.

According to Lundby, Fred. Olsen-related companies have operated in Scotland since 1902, with a presence spanning shipping, manufacturing, forestry, offshore oil and gas, and hydro power. Over the last 30 years, that activity has extended into renewable wind power and renewable consultancy.

Lundby described floating offshore wind as having the potential to kickstart a new global industry, and said Fred. Olsen Seawind would draw on the broader expertise of related companies within Bonheur ASA to complete the development process and advance toward construction and power generation.

The chief executive also indicated the company sees significant opportunity ahead in engaging with new stakeholders, supply chain organizations, and sector partners as the project moves forward through development toward construction.

Vattenfall's Exit From the Partnership

The departure of Vattenfall from the Muir Mhòr partnership marks a shift for the Swedish state-owned energy company, which had held a 50% stake in the project since it was established.

Fred. Olsen Seawind acknowledged the working relationship positively, with Lundby stating that she wanted to thank Vattenfall for their collaborative approach and support throughout the partnership.

No details were provided in the announcement regarding the financial terms of the transaction or the reasons behind Vattenfall's decision to divest its stake in the project.

Supply Chain and Stakeholder Engagement

With sole ownership now being assumed, Fred. Olsen Seawind signaled an intent to broaden its engagement with external partners.

Lundby's statement pointed to opportunities in working with supply chain organisations and sector partners, reflecting the scale of industrial mobilisation that a commercial floating offshore wind project of this nature would require.

The floating offshore wind sector has been the subject of considerable policy attention in Scotland and the wider United Kingdom, given the country's ambitions for renewable energy expansion and the particular suitability of deeper Scottish waters for floating technology.

ScotWind, the leasing round through which Muir Mhòr secured its seabed rights in 2022, was widely regarded as a landmark moment for the sector, attracting significant international developer interest.

Fred. Olsen Seawind stated that it remains focused on responsible development, stakeholder collaboration, and delivering long-term value as it moves the project forward under sole ownership.

Powering Your Pipeline: Stay Ahead of Europe's Energy Infrastructure Race

Europe's power sector is undergoing a transformation unlike anything seen in decades — with grid expansions, floating offshore wind developments, and nuclear modernization projects reshaping the energy landscape at a relentless pace. The question is: does your business have the intelligence to keep up?

The Global Project Tracking (GPT) platform by Blackridge Research gives you a centralized, continuously updated view of power projects across Europe, from early planning stages through to completion. Whether you are targeting new markets, monitoring competitors, or identifying partnership opportunities, the platform delivers the structured data you need to act with confidence.

From renewables to transmission infrastructure, Europe's project pipeline spans thousands of active developments at any given moment. Missing a tender notice or contract award in a fast-moving market can cost you far more than a subscription ever could.

• Upcoming Projects

• Tender Notices

• Contract Awards

• Projects Under Construction

• Completed Projects

See the full depth of Europe's power project landscape for yourself — contact Blackridge Research today to Book a Free Demo of the Global Project Tracking (GPT) platform.